SURPLUS GROWS AND NET DEBT FALLS FOR 2014-15

NSW Treasurer Gladys Berejiklian today released the final results for 2014-15 revealing a surplus of $2.9 billion – an improvement of $823 million since the June 2015 Budget forecast.

Ms Berejiklian said the Total State Sector Accounts (TSSA) confirmed that the NSW Government’s hard work to bring the Budget back under control was paying off.

“It’s great to see our Budget result firmly in surplus, our net debt falling and our infrastructure spending at record highs,” Ms Berejiklian said.

The improvement in the Budget result was due in large part to a small number of one-off items including higher than expected distributions from managed investments and Commonwealth payments.

The results for the year also included the highest ever actual capital expenditure recorded in NSW, reflecting the Government’s focus on infrastructure spending across the State.

Meanwhile, net debt fell during 2014-15 by $1.4 billion to $5.5 billion.

“We’ve managed to spend record amounts on infrastructure while keeping net debt down by using innovative financial solutions,” Ms Berejiklian said.

“This has allowed us to build the roads, rail, hospitals and schools the State needs while securing our triple-A credit rating.”

The TSSA comes a week after Standard & Poor’s reaffirmed NSW’s triple-A credit rating and commended the State’s “very strong financial management”.