The NSW Government has recorded a stronger than expected annual budget surplus for 2017-18, record low net debt and record net worth.
The Total State Sector Accounts (TSSA) show that the State registered a $4.2 billion surplus, up $242 million from forecasted in the NSW Budget in June.
General Government Sector net debt has fallen to a record low of negative $11.2 billion from $9.8 billion estimated in the June budget and $9.3 billion a year ago.
Over the past three years, NSW’s gross state product per capita has grown annually by an average of 1.7 per cent – by far the strongest of any state in Australia.
The State’s net worth – the value of NSW public net assets – has risen to a record $254.2 billion, up from $223.6 billion a year earlier.
The TSSA result was aided by higher than expected revenue and follows the reaffirmation of NSW’s triple-A credit rating by both Moody’s and Standard and Poor’s in September 2018.
The NSW 2018-19 Half Yearly Budget Review will be released in December 2018.