A state pummelled by natural disasters and business challenges has unveiled "a healthy set of numbers" that predict four years of budget surpluses.
Treasurer Tom Koutsantonis delivered a glowing assessment of the state's finances in the government’s mid-year budget review on Friday, but the opposition accused Labor of doing nothing to tackle growing debt.
SA was enjoying “unprecedented growth in infrastructure, jobs and investment”, Mr Koutsantonis said.
"These numbers show a budget that is healthy, an economy that is strong and an economy that is growing.”
The SA budget will remain in surplus across the next four years, with minimal change to net debt forecasts and the net debt-to-revenue ratio in June 2029 unchanged compared to budget estimates.
"It’s a very healthy set of numbers," the treasurer said.
State final demand rose by three per cent in 2024/25, above expectations in the budget and equalling that of resource-rich Western Australia.
"WA is a Goliath ... booming through its extraordinary GST deal and through its mining industry,” Mr Koutsantonis said.
"South Australia outpaced WA ... that is something we should all be very, very proud of."
Three months out from the South Australian state election, the government last week announced its third consecutive surplus with the state budget in the black by $273 million in 2024/25.
Revenue rises exceeded spending growth that was fuelled by a Whyalla steelworks rescue package, the state's algal bloom and other natural disasters, and a bailout for Nyrstar’s Port Pirie smelter.
The budget's key challenges were "in no short part, what Mother Nature has dealt to us", the treasurer said.
But opposition treasury spokesperson Ben Hood said Labor was “putting everything on a credit card and showing no signs of slowing down”.
“Tom Koutsantonis has kicked the can down the road on reckless spending,” Mr Hood said.
Debt will grow by $233 million to $48.7 billion by June 2029, and this was “their last opportunity before the election to put their money where their mouth is” and show that they could rein in spending and deliver relief, he said.
“When families can’t afford Christmas, but this government refuses to rule out increasing taxes even further, something is wrong with the system,” Mr Hood said.
The budget will be weighed down until the early 2030s by the government’s commitment to the $15.4 billion tunnels project to complete the city’s north-south motorway and $3.2 billion for the new Women’s and Children’s Hospital.
"You see debt-to-revenue ratios increasing, but they're being done sustainably while we pursue the north-south corridor and hospital,” Mr Koutsantonis said.
"If you weren't maintaining budget surpluses, you'd be right to be worried, but we are maintaining budget surpluses, and what you're seeing is a strong economy."
