DEBT WIPED OUT, BUDGET FIRMLY IN THE BLACK

DEBT WIPED OUT, BUDGET FIRMLY IN THE BLACK

The NSW Government has wiped out the State’s net debt and delivered a cash positive result in 2015-16, Treasurer Gladys Berejiklian has announced.

Ms Berejiklian today released the Total State Sector Accounts (TSSA) which showed a final surplus of $4.7 billion in 2015-16 – an improvement of $1.3 billion since the June 2016 Budget forecast.

The improved surplus compared with the June 2016 Budget forecast was due largely to one-off items including higher realised distributions from investments and actuarial valuations in SICorp.

General government sector net debt fell from $5.5 billion at 30 June 2015 to negative $57 million at 30 June 2016 – meaning NSW was in a cash positive position for the first time on record.

“NSW’s Budget is firmly in the black and we are leading the nation on economic and fiscal management,” Ms Berejiklian said.

“Our fiscal discipline and asset recycling strategy has allowed us to invest record amounts on infrastructure while securing our triple-A credit rating.

“This unprecedented infrastructure program is also supporting our booming jobs market, solid housing construction industry and helping to boost consumer confidence and business investment.”

The TSSA comes after Standard & Poor’s reaffirmed NSW’s triple-A credit rating.

Meanwhile, the Audit Office noted the Government’s improved financial statement preparation processes have helped to identify and resolve accounting issues, reduce the number of reported misstatements and achieve earlier reporting timeframes.

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