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At a glance

  • The State Budget confirms that the Western Australian economy is one of the strongest in the nation and the world during the pandemic.
  • WA’s recovery from the initial impacts of COVID-19 has been quicker and stronger than expected.
  • Our strong economy, combined with efforts to keep the mining sector operating safely throughout the pandemic, has significantly boosted the State’s fiscal capacity.
  • This capacity is being used to address the challenges we face today, including the response to COVID-19, easing pressures in our health system and protecting our most vulnerable.
  • The Budget invests in projects and initiatives that will set up WA’s long-term future, with significant funding committed to address climate change, save our forests, grow new industries, build METRONET, build Westport and create quality local jobs.
  • Following a record general government operating surplus estimated at $5.6 billion for last year (2020-21). A $2.8 billion operating surplus is forecast this year (2021-22) with surpluses expected across the outyears.
  • Surpluses are not ‘left-over’ cash. They are used to fund the State’s record $30.7 billion investment in infrastructure, in roads and rail, new hospitals and expansions, schools and much more. Funding infrastructure through operating surpluses reduces the need to fund projects through debt.
  • The outlook for net debt has improved considerably since the Pre-election Financial Projections Statement (PFPS). For the third year in a row, net debt is forecast to decline in 2021-22 to $32.1 billion - more than $11 billion lower than the $43.7 billion projected under the last Liberal-National Government.
Page reviewed 9th September 2021