- Cook Labor Government delivers seventh consecutive operating surplus for the 2024-25 financial year
- Unprecedented $13.1billion infrastructure investment delivered in 202425
- Total public sector net debt $3.4 billion lower than expected at the 2025-26 Budget, $13 billion lower than projected under the Liberals and Nationals
- WA remains the only State or Territory with a tripleA credit rating from both S&P Global and Moody's ratings agencies
The Cook Labor Government's strong financial management has again been highlighted in the 2024-25 Annual Report on State Finances (ARSF), with the government's seventh consecutive operating surplus helping deliver record-breaking investment in infrastructure throughout Western Australia.
The final operating surplus of $3.7billion in 202425 was higher than forecast at the 2025-26Budget, predominately due to the early receipt of a significant DisabilityCare Australia Fundgrant from the Commonwealth.
This grant covers costs previously incurred by the State as part of the transition to the National Disability Insurance Scheme as well as the settlement of associated transition expenditure, resulting in an increase of $843 million in the State's net operating position.
The Cook Government has utilised this higher net operating surplus to allocate an additional $500million to bolster a pipeline of key health infrastructure projects.
This brings the State Government's health infrastructure pipeline of works to $3.7billion over the next four years, on top of record spending on health service delivery. Since coming to government this spending has grown by 60 per cent to $14.5 billion in 2024-25.
The ARSF also outlines a record $13.1billion total public sector infrastructure spend in 2024-25. This unprecedented infrastructure investment is $1.7billion - or 15.1 per cent - higher than the previous record spend last financial year, reflecting the State Government's focus on delivering economic enabling infrastructure including key METRONET projects.
The total public sector net debt at 30June2025 was $30.2billion, $3.4billion lower than estimated in the 202526Budget, and over $13billion lower than forecast by the previous Liberal-National Government.
WesternAustralia's net debt is the most affordable in the country at 6.7 per cent of Gross State Product in 202425, well below levels in other jurisdictions.
Western Australia remains the only State or Territory with a tripleA credit rating from both S&PGlobal and Moody's Investors Service, with it regained in 2022 and 2023 respectively, after it was lost under the previous Liberal-National Government in 2013.
The 202425ARSF is available from the Department of Treasury and Finance website at: www.wa.gov.au/organisation/department-of-treasury-and-finance
As stated by Treasurer Rita Saffioti:
"Our WA Labor Government has a strong track record of responsible financial management that enables us to invest in what matters most to Western Australians including health, housing and jobs right across our State.
"The latest Annual Report on State Finances highlights our unprecedented $13.1billion investment in infrastructure to support WA's continued role as the economic powerhouse of the nation and our strong population growth.
"It is this commitment to strong financial management that has enabled us to bolster health infrastructure delivery by an additional $500 million to $3.7 billion over the next four years - on top of our record spending on health service delivery.
"By securing a stronger financial position, our government has the capacity to invest more in the initiatives and services that Western Australians need.
"Our strong financial management is in stark contrast to the record of the WA Liberals and Nationals who lost the triple-A credit rating through record deficits, growth in debt and a disregard for the State's finances.
"It subsequently took almost a decade of hard work to reinstate the triple-A credit rating for Western Australia under our government and because of our responsible financial management we have been able to retain it for the past three years."
