The 2024-25 Annual Report on State Finances outlines the final, audited whole-of-government financial outcomes for the year ended 30 June 2025.
The 2024-25 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 2025, and material changes from the estimated outturn contained in the 2025‑26 Budget, and to the projections in the original 2024-25 Budget.
The ARSF shows that the general government sector recorded an operating surplus of $3.7 billion for 2024‑25, up $ 1.1 billion on the estimated outturn in the 2025-26 Budget. This outcome largely reflects the earlier than assumed receipt of a $1 billion DisabilityCare Australia Fund grant which reimburses the State for costs incurred in prior years as part of the transition to the National Disability Insurance Scheme.
The State Government's infrastructure program totalled a record $13.1 billion in 2024‑25, a substantial $1.7 billion or 15.1% higher than the previous record in 2023‑24. This investment enabled the completion of a range of major public transport projects, including the Yanchep Rail Extension and the Morley-Ellenbrook Line.
Total public sector net debt at 30 June 2025 was $30.2 billion, down $3.4 billion on the expected outturn in the 2025‑26 Budget. Western Australia's net debt represented an estimated 6.7% of Gross State Product in 2024‑25, well below levels in other jurisdictions and less than half of the recent peak in this ratio in 2017‑18.
The outlook for Western Australia's finances will be updated in the 2025-26 Government Mid-year Financial Projection Statement, which is due for release in December 2025.
