OK, no mucking around here, here’s the State Budget in easy-to-digest points…

KEY FORECASTS

* Budget surplus of $1.2 billion for 2020/21

* Economy to grow by 1.2 per cent

* Unemployment to average 8 per cent

* Iron ore price to average US$97 (A$135) per tonne

* WA population to grow by 0.8 per cent

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* Net debt to climb by $18 billion over four years to $43 billion

* Projected surpluses wiped out by $6.6 billion from last December

* Public sector wages frozen at $1000 per year for the next two years before reverting to inflation

KEY PROMISES

* $27 billion infrastructure spend over four years, including $7.5 billion in regional WA

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* An additional 800 police officers

* $170 million towards Perth City Deal to help establish a CBD university campus

* $600 credit towards every household power bill

* Household fees and charges down by 10 per cent in 2020/21

* Funding for the previously-announced $5.5 billion COVID recovery plan

* $943 million in business recovery measures including grants, reduced licence fees, a four-month waiver of payroll tax for eligible recipients and electricity tariff offsets

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* $306 million additional spending on mental health

* $319 million toward social housing

KEY QUOTES

“Responding to the COVID-19 pandemic has been the toughest challenge we have faced … our economy is the envy of the nation.” – Treasurer Ben Wyatt

“At the same time that Ben Wyatt is telling all Western Australians to get out there and spend … the government itself is squirrelling its own money away.” – Opposition finance spokesman Steve Thomas

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“A fundamental shift in fiscal policy … from debt reduction to debt-funded stimulus.” – Ratings agency Moody’s

“Western Australia has staged a remarkable recovery so far.” – Housing Industry Association

“Misses the opportunity to incentivise the business community to power up the economy.” – Chamber of Commerce and Industry WA

Hit PLAY below to listen to finance expert Michelle Maynard breaking down the State Budget with Botica’s Bunch…       

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AAP