Title of Panel
Turning the State's finances around
Reining in expenditure growth

State Finances at a Glance

The McGowan Labor Government has turned the State’s finances around.

The McGowan Government’s third Budget delivers a return to surplus in 2018‑19, in just the second year of Government.

  • Budget returns to general government operating surplus of $553 million in 2018‑19. WA’s first surplus in five years, in just the second year of the McGowan Labor Government.
  • Massive turnaround from $2.5 billion deficit in the final year of the Liberal National Government.
  • $1.5 billion forecast surplus in 2019-20, rising to over $2 billion from 2020-21 to 2022‑23.
  • Expense growth limited to just 1.3% per annum over the four years to 2022‑23, compared to 6.4% average growth under the previous Government.
  • Debt $4.1 billion lower than projected under the previous Government by 2019‑20, saving Western Australians $508 million in wasted interest payments.
  • WA is the only State forecasting net debt to decrease over the forward estimates period.
  • Households to benefit from the Government’s disciplined financial management, with the lowest increase in household fees and charges in 13 years.
Page reviewed 9th May 2019