Government revenue for 2006-07 amounted to $288 billion and spending to $229.4 billion, resulting in a $58.6 billion surplus, the Treasury says. The final account results are the same as the provisional results published on April 30.

The final account results, gazetted today, showed the fiscal reserves stood at $369.3 billion at March 31, up $58.6 billion compared with the balance of $310.7 billion as at March 31 last year.

The surplus of $58.6 billion represented an improvement of $3.5 billion over the $55.1 billion surplus forecast in the 2007-08 Budget. The improved financial position was mainly because the actual spending for the year was $3.6 billion lower than forecast as a result of the strenuous efforts of departments to rein in spending.

More details on the final account results can be found here.