Government surplus drops $50M to $116M in Q3

The government has a $116 million surplus, net assets of $2.2 billion and a bank balance of $582 million, according to the recently released financial results for the third quarter.

The figures indicated that there has been a $50 million drop in surplus since the last quarterly results.

Speaking to the Compass prior to last week’s change of government leadership, Opposition MP Chris Saunders said the then PACT government’s spending was “out of control”, and it will be a challenge to balance the budget for 2023.

“One of the things that we were pushing for this year was to get down the expenses back to $950 million, and at least by 2025, to get it back below $900 million,” he said.

He said the government’s forecast expenditure for this year of $1.03 billion means it is looking to spend $80 million above what is budgeted is for this year.

Government surplus drops $50M to $116M in Q3