Strong surplus delivers for Western Australia's future
Published on 09 September 2021
The State Labor Government has used its strong surplus position to fund important projects and initiatives that will set up Western Australia's long-term future.
The Pre-Election Financial Projections Statement forecast an estimated 2020-21 surplus of $3.1 billion. The surplus has now been revised up to $5.6 billion on the back of a stronger economy and increased revenue.
This financial year, 2021-22, a $2.8 billion surplus is forecast, with strong surpluses expected to continue across the forward estimates.
As a result of the stronger budget position, the surplus will continue to be used to help fund the State Government's record infrastructure program and key service priorities. The Budget allocates spending to the following initiatives:
- Health and mental health across the State - $1.9 billion
- Funding the construction of a new Women and Babies Hospital - $1.8 billion
- Additional support to respond to COVID-19 - $1 billion
- The new Social Housing Investment Fund - $750 million
- The establishment of a Climate Action Fund - $750 million
- The creation of a Digital Capability Fund - $500 million
- The new Westport Project - $400 million
- Keeping household fees and charges low - $397 million
In addition, $1.4 billion in 2021-22 revenue has been quarantined to help deliver WA's next major water source.
The funding will be used as a significant down payment for a new desalination plant, subject to a business case in a future Budget, with construction potentially beginning by 2024-25.
The 2021-22 Budget delivers record infrastructure investment of $30.7 billion, including investments in road and rail, hospitals and schools and community based infrastructure.
This includes a record $9.1 billion investment in regional projects, and regional WA will also share in the benefits from billions of dollars on State-wide infrastructure projects and programs.
For more information, visit https://www.ourstatebudget.wa.gov.au.