Posted on May 12, 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
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