Treasury records higher surplus

The Government's operating surplus for the 11 months to May 31 of $6.9 billion was $291 million ahead of forecast, the Treasury said yesterday.

The higher surplus resulted largely from higher than forecast tax revenues, up $88 million, and spending being $127 million lower than expected.

Total revenue for the 11 months was $55.5 billion, $38 million above forecast, with total expenses of $48.8 billion, $253 million below forecast.

The full year surplus was forecast in the May budget to be $5.88 billion.

The net debt level was 11.3 per cent of gross domestic product, in line with forecast, it said.