South Australia MYBR Shows A Surplus Of $443 Million For 2016-17

South Australia MYBR Shows A Surplus Of $443 Million For 2016-17

South Australia Treasurer Tom Koutsantonis

2016-17 Surplus $200 Million Larger Than Forecast

Victor P Taffa

South Australia’s surplus for 2016-17 was $204 Million larger than forecast at the time of the 2017-18 State Budget.

Mid Year Budget Review (MYBR), to be delivered by Treasurer Tom Koutsantonis, records a surplus for last financial year of $443 Million.

“This is a very strong final Budget position for 2016-17 with a surplus of almost half a billion dollars.” Treasurer Tom Koutsantonis said.

“Our economy performed well in 2016-17, with South Australia’s Gross State Product increasing by more than any other state on per capita terms up 1.6 % compared with the national rate of 0.4 %.”

Improvement compared with the estimate at the time of the 2017–18 Budget reflects a combination of higher than expected revenue of $211 Million, partly offset by a slight increase in expenditure of $7 Million. The boost to revenue was contributed to from a range of sources, including payments for health services accessed by interstate patients and school fees from international students.

Final budget outcome for 2016–17 follows a surplus of $300 Million delivered in 2015–16. This is the 9th surplus delivered by the Rann and Weatherill Labor Governments since 2002.

2017-18 MYBR

State Government has also paid down significant debt since the release of the 2017-18 State Budget, with the Government’s net debt to revenue ratio now in a stronger position than Victoria, Western Australia, Northern Territory and the Australian Capital Territory.

Net Debt To Revenue As At 2017-18 MYBR

                        2017-18           2018-19           2019-20           2020-21

WA1                     84.7%              96.1%              98.9%              87.9%

NT                   35.0%              54.4%              64.2%              74.5%

ACT1                    37.5%              49.6%              49.4%              46.8%

VIC                 33.6%              34.9%              37.7%              39.4%

SA                   25.6%             30.5%             32.3%             32.9%

NSW               -3.7%               11.7%              21.5%              28.0%

QLD2                   1.6%                7.9%                14.5%              18.7%

TAS1 2                  -7.7%               -3.4%               -3.6%               -5.6%

1 As at 2017-18 Budget. 2017-18 MYBR has not yet been released.

2 Queensland’s net debt is reported effectively inclusive of superannuation assets (thus lowering the net debt to revenue) and is not comparable to other jurisdictions. Tasmania’s debt number is not comparable as Tasmania does not fully fund its unfunded superannuation liability in the same way as other states and territories.

Abbreviations

WA                 Western Australia

NT                   Northern Territory

ACT                Australian Capital Territory

VIC                 Victoria

SA                   South Australia

NSW               New South Wales

QLD                Queensland

TAS                 Tasmania