Audit snapshot
What we reviewed and why
In December 2023 the SA Government published its 2022-23 Consolidated Financial Report, providing its actual financial performance and position for the year. This is the only financial report on the consolidated activity of all government sectors, presenting a picture of the financial relationship between the SA Government as a whole and the ‘rest of the world’.
Our report gives our insights into key trends and an analysis of the State’s actual financial performance and position. We don’t issue an opinion on the Consolidated Financial Report, but we do look at how it is prepared. We did not find any material misstatements in it or any control issues in its preparation, other than a minor improvement opportunity.
Our key insights for 2022-23
- The whole of government reported a $628 million improvement in net operating balance deficit – a $486 million deficit in 2022-23, down from a $1.1 billion deficit last year. This was due mainly to higher grants from the Commonwealth Government, higher interest income and taxation revenue and lower grant expenses.
- The whole of government reported a $522 million decrease in the net lending deficit – $2 billion in 2022-23, down from $2.5 billion in 2021-22.
- The general government sector net operating balance of $41 million and net lending deficit of $1.2 billion are consistent with those reported in the 2022-23 Final Budget Outcome.
- The State is heavily reliant on Commonwealth grant revenue, representing 52% of total revenue in 2022-23.
- While the State’s total assets and liabilities both increased, assets increased by $3.4 billion more than liabilities. Total assets increased by $9 billion (6%) to $154 billion, while total liabilities increased by $5.6 billion (6%) to $98 billion.
Key facts
