South Australia Records Surplus, As Debt Soars to $46 Billion

The treasurer projects strong economic growth, but Opposition slams rising debt and health overruns.

Premier of South Australia Peter Malinauskas at a press conference during a visit to Cabra Dominican College in Adelaide, Australia, on May 20, 2022. Lisa Maree Williams/Getty Images

The South Australian government’s Mid-Year Budget Review (MYBR) showed a $201 million operating surplus in 2024-25, driven by strong economic conditions and rising property taxes, but state debt is set to soar to a record $46 billion as infrastructure spending accelerates.

Treasurer Stephen Mullighan stated that the surpluses reflect strong economic conditions and mark a consistent improvement since the Malinauskas government returned to surplus in 2022-23, following three consecutive deficits under the previous government.