The 2023-24 Annual Report on State Finances (ARSF) was released by the Treasurer today. It outlines the final, audited whole-of-government financial outcomes for the year ended 30 June 2024, and how these compare to the estimated outturn contained in the 2024-25 Budget, and to the projections in the original 2023-24 Budget.
The ARSF shows that the general government sector recorded an operating surplus of $4.5 billion for 2023-24. This is $ 1.3 billion higher than the $3.2 billion operating surplus estimated in the 2024-25 Budget, and reflects higher than expected revenue (up $872 million or 1.9%) and lower than expected expenses (down $456 million or 1.1%).
The Government’s investment in infrastructure (i.e. the Asset Investment Program) was a record $11.4 billion in 2023-24, up $2.2 billion or nearly 24% on the previous record in 2022-23. This includes significant investment in road, rail and transport infrastructure, electricity and water assets, health, education, training and other projects.
Total public sector net debt at 30 June 2024 was $28.2 billion. This is $463 million lower than estimated in the 2024-25 Budget, and $1.2 billion lower than the forecast level of net debt in the original 2023-24 Budget. As a share of the economy (Gross State Product), net debt in 2023-24 was just 6.4% - almost half that in 2018-19 (12.4%), and the lowest in the country.
