The general government sector recorded an operating surplus of $3.8 billion for the nine months to 31 March 2024. General government revenue was $2.4 billion higher than the same period last year, mainly driven by higher iron ore royalties and higher taxation revenue, while recurrent spending was $2.2 billion higher due to increases in salary and superannuation expenditure, and higher agency operating costs. A record $7.8 billion was spent on infrastructure during the nine months to March 2024, up $1.8 billion on the same period last year with key increases in spending recorded for METRONET, road projects and battery storage facilities. Total public sector net debt stood at $27.7 billion at 31 March 2024.
Care should be exercised in extrapolating the likely outcome for the 2023-24 year based on the results to date. Final results for 2023-24 will be provided in the 2023-24 Annual Report on State Finances (due to be released by 28 September 2024).
