The general government sector recorded an operating surplus of $4,751 million for the first six months of 2021-22.
General government revenue was $2.7 billion higher than the same six month period in 2020-21, largely due to higher Commonwealth grants, tax collections and the impact of continued high iron ore prices on royalty income. Expenses were $879 million higher compared to the same period last year, mainly due to higher salaries expenditure in frontline service delivery agencies and higher patient and other health sector spending.
The State’s Asset Investment Program totalled $3,302 million for the six months to 31 December 2021, $795 million higher than investment for the same period in 2020-21.
Reflecting the operating surplus outcome, net debt stood at $28.4 billion at 31 December 2021, $5.1 billion lower than the $33.5 billion recorded at 30 June 2021.
Care should be exercised in extrapolating the likely outcome for the 2021-22 year based on the quarterly results to date, particularly in light of the seasonal and other timing factors that impact the State’s finances.
