The State Government has delivered its second budget surplus, with the final budget outcome outlining a surplus of $413 million for the 2023/24 financial year.
This is $107 million higher than projected at the time of the June Budget, following stronger revenues from the property market and a more buoyant economy.
The surplus follows the State Budget returning to surplus in 2022-23, the first budget of the Malinauskas Labor Government, after three deficits under the previous government.
The improvement reflects a combination of higher than expected revenue of $450 million which is offset by higher than expected expenditure of $342 million in critical services such as health, police, child protection and road maintenance.
Revenue from sales of goods and services was $163 million higher than expected, due to higher revenue from regulatory fees, health unit fees and other user charges.
Taxation revenue was $162 million higher than estimated, primarily due to stamp duty on residential property transactions, demonstrating the ongoing strength of the State's property market, despite rising interest rates.
Taxes on property and motor vehicle taxes also exceeded expectations.
Total Grant revenue was $157 million higher than expected, mostly due to higher revenue from National Partnership payments.
However, this was partly offset by $80 million dollars less in GST revenue grants.
As put by Stephen Mullighan
The Government has reconfirmed its commitment to getting the budget back into surplus, with this year's result following last year's return to surplus.
Our economy continues to perform strongly compared to the rest of the nation, boosting revenues and giving more capacity to invest in better services and major infrastructure developments.
Achieving budget surpluses is important as the state embarks on a large infrastructure program, led by the North-South Corridor tunnels and the New Women's and Children's Hospital.
