On Thursday 5 June South Australian Treasurer Stephen Mullighan delivered the state budget, focusing on housing, crime and cost of living.
This budget forecasted a surplus of $18m for 2024-25, with the government estimating surpluses for the next four years.
Net debt is estimated to reach $31b in 2024-25, forecast to increase to $48.85b by 30 June 2029 due to large infrastructure projects and government investment. The unemployment rate was recorded at 3.9 per cent in April 2025, with employment estimated to grow by 1 per cent per annum until 2028-29.
Separately, the budget has included spending towards COP31 (the 31st annual meeting of the Conference of the Parties under the United Nations Framework Convention on Climate Change), to fund preparations if the Commonwealth Government wins the bid to host in Adelaide – which will include planning, security, transport and infrastructure.
Revenue measures
As previously promised, no new taxes or tax increases are included in the 2025-26 Budget.
Since the 2024-25 Mid-Year Budget Review, taxation revenues have been revised up due to conveyance duty and land tax revenue reflecting strong property market conditions. The government notes that the upward revision in 2024-25 reflects stronger than expected growth in residential property prices and transactions, which flows through to future years. Land tax revenue is largely unchanged in 2024-25 and has been revised up from 2025-26. The upward revision reflects stronger than expected growth in property site values over the 2024 calendar year, which informs valuations for the 2025-26 land tax year.
Non-revenue measures
The budget includes two non-taxation revenue measures, aimed at delivering cost of living support to the community. The government has extended its election commitment by continuing the $200 reduction to school parents, caregivers and independent students for the materials and services charge applied per student by government schools. In addition, the government is permanently reducing the price of a metroCARD student 28-day pass. The price of this pass will reduce from its current price of $28.60 to $10 from 1 July 2025.
If you wish to discuss the South Australian Budget announcements, please reach out to a Grant Thornton Partner today.
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