Final budget outcome reveals 2024-25 budget’s $273 million surplus
South Australia’s 2024-25 budget position has been significantly updated as a confluence of events up-end the state’s financial position.
A buoyant property market, strong employment and insatiable spending has sent the state’s budget into a stronger position, delivering a surplus of $273 million, up from an anticipated $18m.
It is the third consecutive surplus for the Malinauskas government, who enter the 2026 state election with no budget deficits to their name.
Spending for the financial year was higher than estimated, but the growth in revenue led the balance to still show up more positively than initially forecast.
Premier Peter Malinauskas said on Thursday that the state budget’s bottom line was “buoyed” by strong employment rates and the property market.
He also pointed to stronger-than-expected GST revenue grants and higher-than-estimated sales of goods and services.
“We have seen the state’s economy continue to grow, and that has improved the performance of the budget in a revenue sense,” he said.
Mr Malinauskas said there was reason for “extraordinary optimism” for the future.
“We talk about cost of living,” he said.
“The best thing that any government can do is make sure that the economy is growing and people’s wages are going up.”
Growth in residential property prices saw additional stamp duty revenue on transactions that were $43 million higher than estimated when the budget was released.
Treasurer Tom Koutsantonis said consumer confidence had led to the rise in property transactions and more revenue in the budget.
“That means additional money to fund services and infrastructure South Australians rely on now and in the future,” Mr Koutsantonis said.
Mr Malinauskas said it was “important to remember” that the higher than expected surplus came despite challenges to the budget, including Whyalla steelworks, the algal bloom, drought and the Bedford bailout.
“All of these crises have required a response from this government, we have delivered on each of them and we still have delivered a strong surplus to the budget,” he said.
According to the government, employment grew by 1.4 per cent in 2024-25, with around 35,900 people joining the workforce.
On Thursday, the Australian Bureau of Statistics revealed that the unemployment rate in SA had fallen to 4 per cent, leading Mr Malinauskas to say that SA was “essentially on full employment”.
“There are more people employed in South Australia in these monthly figures than at any other time in our state’s history,” he said.
“It’s an exceptionally strong position.”
The mid-year budget review is expected to be released by Mr Koutsantonis before Christmas.
Opposition Leader Ashton Hurn said the surplus had been “picked out of the pockets” of “hardworking South Australians”.
“While Peter Malinauskas and Tom Koutsantonis give themselves a big pat on the back, South Australians over Christmas are seeing their bills go through the roof and wondering how to afford presents for their kids, there’s no relief for them,” Ms Hurn said.
Originally published as Final budget outcome reveals 2024-25 budget’s $273 million surplus
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