WA State Budget 2022 – 2023

Posted on 12th May 2022 by Christabelle Harris

The McGowan Government has announced another strong surplus that will be used to provide all Western Australian households a $400 Household Electricity Credit and fund initiatives to diversify our economy, create local jobs and build WA’s future. 

The 2022-23 Budget delivered today highlights Western Australia’s strong economy and finances continue to lead the nation. The Mid-year Review projected the 2021-22 operating surplus to be $2.4 billion. The surplus has now been revised up to $5.7 billion, reflecting the impact of strong economic activity and higher commodity prices. A $1.6 billion surplus is forecast in 2022-23, with surpluses expected across the forward estimates.

The State’s net debt is expected to decline for a third consecutive year to $29.9 billion in 2021-22 – the first time since 2015 that net debt has been below $30 billion.

The McGowan Government’s strong budget position will fund key initiatives, including:

• a further record investment of $2.5 billion in the State’s health and mental health systems;
  • easing pressure on emergency departments, expanding the health workforce and improving health infrastructure. 
• cost of living support for all Western Australian households;
  • with a $400 Household Electricity Credit from July 2022, costing $445 million. 
• an additional $1.6 billion in COVID-19 response measures;
  • taking the State’s total investment to $11.2 billion for funding frontline services and supporting WA businesses and households (such as free Rapid Antigen Tests). 
• an extra $652 million for climate action and environment initiatives to fund WA’s low-carbon future;
  • including $500 million extra for the Climate Action Fund (taking the total to $1.25 billion) and almost $60 million to accelerate the use of zero emission vehicles. 
• a $1.3 billion investment to diversify our economy;
  • with support for international tourism, events and international education as international borders reopen;
  • investments to continue to grow existing and new industries, such as boosting the Investment Attraction Fund and Industrial Land Development Fund; and
  • job-creating, economic infrastructure projects, including ports and roads. 
• $1.2 billion for early repayments of existing debt inherited from the previous Liberal National Government, and reducing the State’s exposure to future interest rate increases;
  • saving an estimated $132 million in interest payments over the next four years. 

The 2022-23 Budget includes a further record $33.9 billion investment in infrastructure, including in hospitals, schools, rail, roads, ports and projects in other key areas.

This includes a record $12 billion in the regions to set up WA’s long-term future and ensure no matter where you live, all Western Australians have the opportunity to thrive.

For more information, visit https://www.ourstatebudget.wa.gov.au