The September 2022 Quarterly Financial Results Report released today highlights the McGowan Government's responsible financial management and its capacity building with significant infrastructure investments to support a pipeline of job and business opportunities.
The report showed total public sector net debt was $29 billion at 30 September 2022, $208 million lower than the end of 2021-22, with Western Australia the only State where debt continues to decline. A further $604 million of Consolidated Account debt was repaid through the Debt Reduction Account during the period.
The general government sector recorded an operating surplus of $1.5 billion for the three months to 30 September 2022, $2.9 billion lower than the surplus reported for the same period in 2021 22*.
General government revenue for the first three months of 2022 23 was $1.9 billion lower than the same period last year, mainly due to lower royalty income (down $1 billion, given a lower iron ore price), and lower Commonwealth grants (down $992 million).
General government expenditure grew by $1 billion, reflecting higher agency salaries with an increase in staff numbers particularly in health and education, and other operating costs including higher COVID 19 patient support costs, and the cost of providing the $400 Household Electricity Credit.
Infrastructure spending for the three months to 30 September 2022 totalled $1.8 billion, up $297 million or 20 per cent on the same period in 2021 22.
The September 2022 Quarterly Financial Results Report is available from the Department of Treasury website at: www.wa.gov.au/organisation/department-of-treasury.
*Note that quarterly outcomes are impacted by timing factors such as grant revenue from the Commonwealth and expenditure, which can be volatile.
As stated by Premier Mark McGowan:
"The September 2022 quarterly reflects our continued responsible financial management.
"We continue to build capacity to ensure we are able to respond as global economic headwinds build.
"Despite lower revenue, we continue to prioritise spending in areas such as health and education, and grow our economy for the long-term through our significant investment in infrastructure to support a pipeline of jobs and business opportunities.
"The continued delivery of positive financial results is why Moody's revised our AA1 credit rating from a 'stable' to 'positive' outlook today, following S&P Global's upgrade to AAA in June this year."
