The 2020-21 Annual Report on State Finances has been released, containing the audited outcomes of the State’s finances for the last financial year.
The Treasury report shows that the general government sector recorded an operating surplus of $5.8 billion in 2020-21. This is higher than the $5.6 billion operating surplus estimated in the recent 2021-22 Budget, largely reflecting the audited accounting treatment of non-cash costs for two significant native title settlements finalised in 2020-21.
Infrastructure investment totalled $5.8 billion in 2020-21, the highest level of infrastructure spending since 2013-14. The higher expenditure reflects additional investment to support job creation and stimulate the economy through the COVID-19 pandemic.
Total public sector net debt at June 30, 2021 totalled $33.5 billion, down $2 billion from June 30, 2020. It is the second consecutive year of declining net debt levels following annual increases over the preceding decade. Net debt is more than $10 billion lower than projected when the McGowan Government came to office.
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As stated by Premier and Treasurer Mark McGowan:
“Western Australia’s financial position is strong and on a sustainable footing, despite the global pandemic.
“Our financial position highlights our safe and strong management of COVID-19, and has delivered the best economic and financial outcomes in Australia – and possibly the world.
“We have also protected the jobs of Western Australians, with our economy more open than elsewhere in Australia and the world throughout the pandemic.
“While this is a record operating surplus, it is important to remember that the State’s revenue base is highly volatile, as evidenced by the recent sharp fall in iron ore prices.
“My Government has used our strong finances to make massive investments in Western Australia’s future – including health and mental health, social housing, addressing climate change, the new Women and Babies Hospital, a new desalination plant, Westport and much more.”
