- 2023-24 Budget utilises WA’s stable and responsible budget management to provide cost of living support for all WA households
- Significant investments in our health system, housing and land supply, and the transition to cleaner, reliable and affordable energy
- $3.3 billion projected operating surplus in 2023-24, with a surplus position maintained over the next four years, supporting a record $39 billion in infrastructure investment
- Net debt forecast to fall to $27.9 billion, almost $16 billion lower than projected under the previous Liberal-³Ô¹ÏÍøÕ¾ Government
The 2023‑24 Budget will remain in surplus under the McGowan Government and continues to deliver significant investments in what matters to Western Australians.
The Government will draw on its strong Budget position to provide cost of living relief to every WA household, bolster our health system, boost housing and land supply, and continue WA’s transition to cleaner, more reliable and affordable energy.
The WA Budget continues to be in a strong position with a $3.3 billion operating surplus expected in 2023-24, a sixth consecutive year of surplus, after record deficits under the previous Liberal-³Ô¹ÏÍøÕ¾ Government.
It enables a record $39 billion of investment in infrastructure, over the next four years, in further investments in hospitals, schools, METRONET, regional roads, and decarbonising projects.
The Government’s strong budget position means significant investments can be made in what matters for Western Australians while not burdening future generations with unsustainable levels of debt. Key initiatives include:
- $715 million to deliver further cost of living relief, providing an electricity credit of at least $400 for every Western Australian household, with targeted electricity support of $826 for those households most in need, and a $650 electricity credit for eligible small businesses;
- a record $2.7 billion of additional investment in our health and mental health system, bringing the total new investment to $10 billion since 2021 to deliver quality healthcare for Western Australians, with more beds for our hospitals, more nurses and doctors, and reforms to ease pressure on our emergency departments;
- $750 million of additional investment to boost housing supply and housing choice with a $450 million top-up to the Social Housing Investment Fund to deliver a total 4,000 additional homes;
- taking action on climate change with a $3 billion investment including delivering the Government’s plan to decarbonise electricity production and move towards cleaner, more affordable and reliable energy, as well as progressing works on Perth’s third desalination plant and a range of other climate initiatives; and
- additional spending of $463 million for economic infrastructure and diversification initiatives, taking total new investment in this term of Government to more than $3.8 billion to set up our State for the long‑term, supporting ongoing and future jobs.
Net debt is expected to fall to $27.9 billion at 30 June 2023, the fourth consecutive annual decline in net debt, and almost $16 billion lower than the level of debt projected under the previous Government. The lower debt levels mean Western Australians have saved around $4.3 billion in wasteful interest payments that can instead be invested in vital services.
The McGowan Government’s disciplined approach to managing the State’s finances has been recognised by the credit rating agencies, with S&P Global restoring the State’s AAA credit rating in June 2022.
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As stated by Premier and Treasurer Mark McGowan:
“My Government’s responsible financial management since coming to office has the Budget in a strong position to continue to deliver for Western Australians.
“Our strong economy and finances have given us capacity to deliver what is important to the Western Australian community – addressing cost of living pressures, record investments in the health system, boosting social housing, investing in jobs and diversifying the economy, and taking action on climate change.
“We understand the cost of living challenges many households are facing and due to our strong financial position, we are able to deliver cost of living relief to every household through a $400 electricity credit, as well as additional targeted support for those households in most need and electricity credits for small businesses.
“We will invest another record amount of $2.7 billion in the health and mental health system, to deliver quality healthcare, boost staffing levels, add more beds and improve capacity and patient flow. The additional investment takes it to $10 billion, over the past three Budgets.
“This Budget sees net debt coming down for the fourth consecutive year, falling to $27.9 billion at 30 June 2023, following the disastrous mountain of debt accumulated under the Liberals and ³Ô¹ÏÍøÕ¾s, which inherited just $5.6 billion in net debt.
“This prudent management of the State’s finances means net debt is almost $16 billion lower than projected under the previous Liberal‑³Ô¹ÏÍøÕ¾ Government – saving Western Australians around $4.3 billion in wasteful interest payments that can instead be invested in vital services.”
Premier and Treasurer’s office – 6552 5000
