WA State Budget 2022/23 Announcement

WA State Budget 2022/23 Announcement

The Premier and Treasurer, Hon Mark McGowan MLA handed down the WA State Budget 2022/23 on Thursday, 12 May 2022.  In a summary of WA’s current economic position, key points include:

• Confirmation that the WA economy continues to power the country, growing by 7.2% during the pandemic, the strongest in the nation.  Click here for more info on the State’s Finances
• A forecast for WA’s domestic economy to grow by 4% in 2022/23
• An employment record high and lowest unemployment rate in the country, with 1.46 million Western Australians in jobs and 160,000 jobs created since March 2017
• 2021/22 budget surplus revised to $5.7 billion, reflecting the impact of strong economic activity and higher commodity prices.

A $1.6 billion surplus is forecast for the 2022-23 State budget, with the strong position to fund key initiatives, including:

• A record investment of $2.5 billion in the State’s health and mental health systems to ease pressure on emergency departments, expanding the health workforce and improve health infrastructure, click here for more info
• Cost of living support for all Western Australian households through $400 Household Electricity Credits from July 2022. 
• Additional $1.6 billion in COVID-19 response measures to fund frontline health services and support WA businesses and households, click here to read more
• An extra $652 million for climate action and environment initiatives to fund WA’s low-carbon future, click here for more info
• A $1.3 billion investment to diversify our economy. This includes support for international tourism, events and international education as international borders reopen, as well as investments to continue to grow existing and new industries, and job-creating, economic infrastructure projects, including ports and roads, click here for more info.
• $1.2 billion for early repayments of existing debt to reduce the State’s exposure to future interest rate increases. 
• A record $33.9 billion investment in infrastructure, including in hospitals, schools, rail, roads, ports and projects in other key areas, click here for more info

Click here to visit the full information on the WA State Budget 2022/23