The general government sector recorded an operating surplus of $1.5 billion for the first six months of 2024-25, down from the $3.1 billion surplus reported for the same period in 2023-24. While revenue for the first six months of 2024-25 was slightly higher than the same period last year, this was more than offset by higher expenses, mainly reflecting increased workforce numbers in the health and education sectors, the settlement of industrial agreements, electricity bill credits, increased operating subsidies to the Public Transport Authority, and higher patient support services and school support costs.
Infrastructure investment totalled a record $7 billion to 31 December 2024, up $1.7 billion or 31% on the same period last financial year. Total public sector net debt was $31.5 billion at 31 December 2024, compared to a full-year forecast (at 30 June 2025) of $33.8 billion.
Care should be exercised in extrapolating the likely outcome for the 2024-25 year based on the quarterly results to date, particularly in light of the seasonal and other timing factors that impact the State’s finances.
