Despite global uncertainty, Western Australia remains the economic powerhouse of the nation. Our domestic economy has grown by almost 26 per cent relative to pre-pandemic levels, well above the 16 per cent national average.
- Our strong economy has attracted more people to move to our State than ever before, with growth of more than 300,000 people in the State's population over the last five years increasing demands for services and infrastructure.
- Around 340,000 jobs have been created since 2017. Historically low unemployment has been sustained for a record period - consistently below 4 per cent for more than three years.
- Inflation has continued to ease, returning to within the RBA's target band, with further rate cuts expected providing relief to households and supporting consumption.
We're setting our State up for the future by making it easier to do business in WA.
- Business investment has grown steadily over the past six years and is expected to continue to grow, supported by a pipeline of major projects under construction.
Our initiatives to boost housing supply are working with our construction workforce growing to record levels.
- The Western Australian housing market is returning to a more balanced position.
- Housing approvals are up 45 per cent, with housing completions having risen by 18 per cent in 2024 to the highest level in seven years.
- The rental vacancy rate has risen to a more balanced 2.4 per cent in April 2025, up from 0.5 per cent a year earlier.
Our focus on responsible financial management continues, with a seventh consecutive operating surplus of $2.5 billion in 2024-25.
This Budget we are:
- Getting on with delivering our election commitments, with over $3 billion funded in this Budget.
- Responding to the increased demand for services.
- Investing in hospitals, schools, roads, wires, poles and pipes to set Western Australia up for the future.
This Budget includes:
- Operating surpluses of between $2.4 and $2.8 billion every year between 2025-26 and 2028-29.
- $38 billion of infrastructure investment, including $12 billion in 2025-26 alone.
- Significant growth in water and energy infrastructure of $13 billion, delivering on our commitment to become a renewable energy powerhouse, and secure our water future.
- Net debt expected to be $33.6 billion by 30 June 2025, more than $10 billion lower than projected when WA Labor came to office.
- Western Australia's net debt as a percentage of Gross State Product is expected to be 7.5 per cent in 2024-25 and 9.2 per cent at the end of 2028-29, lower than any other jurisdiction.