Treasurer Ben Wyatt delivered the Western Australian State Budget on 9 May 2019. This Budget promotes jobs growth and encourages investment in key sectors of the economy.

The headline takeaways from the Budget are:

  • Western Australia’s economy continues to grow, with Gross State Product expected to increase by 2% in 2018-19
  • Growth in GDP is expected to accelerate to 3.5% in 2019-20, and 3% in 2020-21 onward, with further growth in exports and the domestic economy becoming the major driver of growth
  • The Government is focussed and is on track to achieve its target to create an additional 150,000 jobs by 2023-24
  • $4.1b investment in job-creating METRONET projects
  • $4.2b investment in upgrades to roads, including more than $2b on building, upgrading and maintaining roads in regional WA
  • More than $62.1m is set aside to fund the government’s two year action plan for tourism
  • $182.4m for a new Employer Incentive Scheme and training delivery, including over $45m for regional WA
  • $131.5m additional expenditure to support agriculture in WA, grow export markets and create long-term jobs
  • Budget returns to general government operating surplus of $553m in 2018-19
  • $1.5b forecast surplus in 2019-20, rising to over $2b from 2020-21 to 2022-23
  • Revenue is estimated to total $31.3b in 2019-20, with 66% generated directly by the State

This Budget also supports households with the lowest increase in tariffs, fees and charges since 2006-07 (2%). In addition, spending aimed at improving the quality and sustainability of health care, education and community services is at record levels, highlighting the Government’s commitment to achieving its targets of a safer community, a bright future and promoting Aboriginal wellbeing.

The Budget should be viewed together with the revenue changes to Duties, Land Tax, Tax Administration and Pay-roll Tax which either passed through Parliament last week (Duties, Land Tax and Taxation Administration) or are still being debated (Pay-roll Tax).

Summary

For more information on the Western Australian State Budget 2019-20 and revenue changes, please read the below summaries: