Western Australia has recorded another operating surplus, allowing the Cook Labor Government to deliver an unprecedented $13.1 billion in infrastructure investment in 2024-25. The state’s strong financial position has been highlighted in the latest Annual Report on State Finances, showing the seventh consecutive surplus under the current government.
The final operating surplus reached $3.7 billion, exceeding forecasts in the 2025-26 Budget. This was largely supported by the early receipt of a DisabilityCare Australia Fund grant from the Commonwealth, covering costs linked to the state’s transition to the National Disability Insurance Scheme and associated expenditures. The grant boosted the state’s net operating position by $843 million.
The government has directed an additional $500 million from this surplus towards health infrastructure, bringing the four-year pipeline to $3.7 billion. Spending on health services has also risen to $14.5 billion in 2024-25, a 60 per cent increase since the Cook Government took office.
Infrastructure investment across the public sector hit $13.1 billion, surpassing last year’s record by $1.7 billion, or 15 per cent. Key projects include economic-enabling infrastructure such as METRONET developments, reflecting a focus on supporting ongoing population and economic growth.
Total public sector net debt now sits at $30.2 billion, $3.4 billion below budget estimates and more than $13 billion lower than forecasts under the previous Liberal-National Government. At 6.7 per cent of Gross State Product, WA’s net debt remains the lowest in the country.
Western Australia continues to hold a triple-A credit rating from both S&P Global and Moody’s Investors Service, a distinction regained in 2022 and 2023 after being lost under the former government in 2013.
Treasurer Rita Saffioti said the government’s financial management allowed investment in priority areas including health, housing, and jobs. “Our approach has enabled record infrastructure spending and additional health infrastructure investment,” she said. “It also contrasts with the record of the previous government, which saw the triple-A rating lost through deficits and rising debt. We have worked to restore and maintain that rating while continuing to invest in services Western Australians need.”
The full 2024-25 Annual Report on State Finances is available on the Department of Treasury and Finance website: www.wa.gov.au/organisation/department-of-treasury-and-finance
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