Latest quarterly financial report shows net debt down

  • Net debt down $4.7 billion in the first nine months of 2021-22 to $28.8 billion
  • Debt almost $15 billion lower than projected since coming to Government
  • March surplus outcome reflects strength and timing of revenue, underpinned by the State’s strong economy
  • Further boost to frontline staff for health, education, police and for COVID-19 response
  • Infrastructure spending $1.4 billion higher compared to same period last year
  • The March 2022 Quarterly Financial Report released today highlights the State’s continued strong economic and financial position. The McGowan Government has continued to increase investment in frontline staff and infrastructure projects, while at the same time reducing debt.

    Total public sector net debt was $28.8 billion at March 31, 2022, down $4.7 billion in the first nine months of 2021-22, and almost $15 billion lower than projected since coming to Government.

    The $5.5 billion surplus for the nine months leading to March 31, 2022 reflects the strength of the State’s economy and the timing of revenue (particularly the GST floor payment). 

    Commonwealth grants were $2.6 billion higher for the first nine months of the year due to an increase in the national GST pool and other grants, while taxation receipts were up $1.1 billion due to strong conditions in the labour and property markets and a rise in vehicle sales.

    This was partially offset by lower dividends from public corporations, retained to fund infrastructure investment, down $659 million, while iron ore royalty income was down $254 million.

    The McGowan Government has continued to invest in more frontline staff for health, education and police, up $595 million compared to the same period in 2020-21, while other gross operating expenses rose $450 million due to COVID-19 and higher patient support costs in the health sector.

    The McGowan Government’s infrastructure spend for the nine months leading to March 31, 2022 totalled $5 billion, $1.4 billion higher than the same period in 2020-21, due to higher spending on road projects, the METRONET program of works, and health infrastructure.

    The March 2022 Quarterly Financial Results Report is available from the Department of Treasury website at www.wa.gov.au/organisation/department-of-treasury.

    As stated by Premier and Treasurer Mark McGowan:

    “The March 2022 quarterly results show that Western Australia’s strong economic and financial performance continues, and is on track to meet the results forecast in the 2022 23 Budget.

    “We continue to deliver the right balance in investing in high quality services and emerging priorities, while reducing debt to provide future financial capacity.

    “Western Australia’s consistently strong financial outcomes are the envy of the other States, underpinned by our safe management of the pandemic and hard work to secure the soft landing Western Australians deserved.”

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