The general government sector recorded an operating surplus of $422 million for the first three months of 2024-25.
General government revenue was $809 million higher than the September quarter last year, largely due to the impact of higher tax collections and Commonwealth grants, partially offset by lower royalty income. Expenses were $1.3 billion higher compared to the same period last year, mainly due to higher grants and subsidies, employee costs (particularly for the health sector), and ‘other’ agency operating costs.
The State’s Asset Investment Program totalled $3.1 billion for the three months to 30 September 2024, $796 million higher than asset investment for the same quarter in 2023-24. Total public sector net debt was $30.2 billion at 30 September 2024, $2.5 billion below the Budget projection for 30 June 2025.
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. Further updates to the State Finances will be provided in the 2024-25 Government Mid-year Financial Projections Statement (due for release by 31 December 2024).
