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
* 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
* 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
* $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
“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…
AAP
