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Premier and Treasurer Mark McGowan has delivered another bumper budget, with a $5.7 billion surplus facilitating record healthcare investment and a one-off cost of living boost for Western Australians. But the real headline for any WA budget is always iron ore – and that has meant good news in the past couple of years for the McGowan Government. See also: 2022 WA budget fast facts Of the State’s $38.428 billion total forecast revenue for the upcoming 2022-23 financial year, revenue from iron ore royalties accounts for $5.645 billion. However, compared to the financial year about to end, this represents a significant decline in iron

Before we look forward to 2022-23, it’s also helpful to look back to what happened in 2021-22. That year’s budget forecast a surplus of $2.8 billion based on an iron ore price assumption of $121.30 per tonne. After a surplus of $5.8 billion in 2020-21, the 2021-22 surplus is estimated to come in ever so slightly lower at $5.7 billion. This figure is clearly well above the previous forecast mainly due to a higher than forecast iron ore price over the last year This resulted in net debt falling from $33 billion in 2020-21 to $30 billion in 2021-22. As Mr McGowan

WA Premier Mark McGowan has used today’s Committee for Economic Development of Australia WA State of the State event in Perth to reveal an expected return to budget surplus a year ahead of schedule. And the Premier says the surplus – now slated for the 2019-20 financial year – won’t just be a case of “squeaking over the line”. “It’s the first time Western Australia will be in surplus for six years,” Mr McGowan told a packed room at the Perth Exhibition and Convention Centre. “This will be a substantial surplus in the hundreds of millions of dollars. And there will be a

The numbers that matter: State Budget 2018-19 Today, Treasurer Ben Wyatt delivered his much anticipated second Budget which will guide the State’s economic fortunes over the next 12 months and take the Government to the mid-term point. The Budget sets out an improved outlook for the State, with a significant improvement in forecasts and some light at the end of the debt tunnel, with debt now peaking at $40.8 billion in 2020-21. A deficit remains forecast for the next two years with the first surplus in 2020-21 of $1.3 billion. The Budget highlights the continued positive signs in the economy which will be

    The 2017-18 WA State Budget, our Associate Director Jamie Henderson tells you what you need to know. The landslide election victory in March and record State debt are the realities framing today’s State Budget. Treasurer Ben Wyatt delivered his budget to a packed Legislative Assembly this afternoon. The Budget starts the path to fiscal repair after the collapse in revenue from GST and mining royalties during the past few years. The Treasurer pointed to positive signs the WA economy is improving and forecast 3 per cent growth in Gross State Product in 2017/18, and a positive 1 per cent growth in Final State