WA records $4.5bn surplus in FY24

Western Australia has recorded a $4.5 billion surplus after higher iron ore royalties and transfer duty in 2023-24 financial year, the state government’s report shows.

The state government today released the 2023-24 annual report on state finances, finding a higher-than-expected revenue at a 1.9 per cent increase.

WA’s final operating surplus of $4.5 billion in 2023-24 was $1.3 billion higher than what was estimated actual in the 2024-25 budget, the state government announced.

The revenue was up $872 million, which the state government claimed to be mainly due to higher iron ore royalties, transfer duty and sales of goods and services.

It was also partly offset by delayed federal funding for transport infrastructure, and lower than expected expenses, being $456 million down or 1.1 per cent less than the 2024-25 budget estimates.

Treasurer Rita Saffioti said WA’s economy and jobs market were one of the strongest in the country, bolstered by strong investment and household consumption.

"We have invested a record $11.4 billion in infrastructure this year that will continue to support the State's economic growth and meet the needs of our rapidly growing population, setting Western Australia up for decades to come,” she said.

"Our strong financial management has underpinned Western Australia regaining its triple-A credit rating, the only state or territory to hold this from both of the major international rating agencies.”

WA’s public sector net debt was $28.2 million as of June 30 2024, the state’s annual report shows.

It’s $463 million lower than what is estimated in the 2024-25 budget and $1.2 billion lower than the forecast level of net debt in the 2023-24 budget.