Hon Christian Porter BA(Hons) BEc LLB(UWA) MSc(Dist)(LSE) MLA

Hon Christian Porter BA(Hons) BEc LLB(UWA) MSc(Dist)(LSE) MLA

Former Treasurer; Attorney General

    Strong financial management brings surplus

    29/11/2011 12:00 AM
     
    • $325million operating surplus for first quarter of 2011-12
    • Revenue at $6.4billion while general government sector expenses remain low
    • $1.5billion invested to Build the State in September quarter
    The State has recorded a substantial $325million operating surplus for the first quarter of 2011-12, highlighting the Liberal-National Government’s strong financial management of the Western Australian economy.
     
    Releasing the Quarterly Financial Results Report today Treasurer Christian Porter said the surplus was a significant turnaround on the $47million operating deficit reported in the same period for 2010-11.
     
    Revenue for the first three months of 2011-12 totalled $6.4billion, largely due to earlier land tax and Metropolitan Regional Improvement Tax assessments this year, and a ‘one off’ revenue contribution following the wind up of the Real Estate and Business Agents Supervisory Board and Settlement Supervisory Board.
     
    General government sector expenses were $416million, or 7.3 per cent higher relative to the same period in 2010-11. This result was lower than the 7.9 per cent growth forecast for the full year in the recent Budget and is well below the double digit growth of just two years ago. The spending increase includes the roll out of the Government’s new not for profit sector funding initiative announced in the Budget.
     
    Public sector net debt stood at $12.3billion at September 30, 2011 a $315million increase over the quarter. This is in line with Budget expectations and supports the Government’s record $7.6billion infrastructure program for this year.
     
    Spending on public infrastructure totalled $1.5billion during the September quarter and included works on key health projects such as the New Children’s Hospital; Queen Elizabeth II Medical Centre; Fiona Stanley Hospital; the Southern Seawater Desalination Plant; a range of electricity projects; community housing projects; and work on the Perth City Link.
     
    “Overall the quarterly results are positive news for the people of WA with a stable and secure economy managed by the Liberal-National Government.”
     
    Fact File
    • The full year budget forecasts for 2011 12 and the outyears to 2014 15 will be updated in the 2011 12 mid year review which will be released by December 31, 2011
    • The September 2011 report is available from the Department of Treasury website at http://www.treasury.wa.gov.au

    Treasurer's office - 9222 8800