- Western Australia forecast to record a $2.6 billion operating surplus in 2024-25
- Responsible financial management supports record cost of living support for families
- Significant new investments in health, housing, education, economic infrastructure and WA’s energy transition
- Record infrastructure investment of $10.6 billion projected in 2023-24 and $12.1billion in 202425
The Cook Labor Government’s strong financial management continues to pay dividends for everyday Western Australians, with the 2024-25 Budget surplus supporting record cost of living relief for families and delivering on the needs of our growing economy.
The State Budget shows WA is on track to achieve a sixth consecutive operating surplus in 2023-24, at $3.2 billion. A $2.6 billion surplus is projected in 2024-25, with surpluses forecast to continue over the forward estimates period.
The WA Labor Government returned the budget to surplus in 2018-19 after record deficits under the previous Liberal³Ô¹ÏÍøÕ¾ Government.
The 2024-25 Budget uses the State’s strong financial position to do what’s right for WA, with major investments including:
- $762million to deliver record cost of living support to Western Australian families, including a $400electricity credit for all households and small businesses;
- a record investment of $3.2billion in health and mental health, delivering more doctors, nurses and beds for our hospitals across metropolitan and regional WA;
- $1.1billion to boost housing supply and affordability, and homelessness services;
- a $1.8billion investment to diversify WA’s economy, including investments in strategic industrial areas, ports, roads and the State’s clean energy future; and
- an additional $1.3billion for education and training to meet the needs of a rapidly growing population and training students for the jobs of the future.
The Cook Government will continue its major investment in infrastructure to create local jobs and support the State’s economy, with a record $10.6 billion spend in 2023-24, followed by a further record spend of $12.1billion forecast in 202425, and part of a $42.4 billion program over the next four years. Operating surpluses are used to fund infrastructure, reducing the need to fund through borrowings.
Despite significant investment in health, housing, education and infrastructure, net debt is still expected to be nearly $800 million lower than forecast in the 2023-24 State Budget at $28.6billion by 30 June 2024, and more than $15 billion lower than projected under the previous Liberal-³Ô¹ÏÍøÕ¾ Government.
Notably, Western Australia has gone from having the highest ratio of net debt as a percentage of Gross State Product (GSP) in the country at 13.8 per cent under the previous Liberal-³Ô¹ÏÍøÕ¾ Government to having the lowest under WA Labor, at 6.5 per cent in 2023-24.
WesternAustralia’s net debt is forecast to remain the most affordable in the nation, significantly lower than the ratios projected by any other state or territory.
Western Australia remains the only state or territory in the country with a tripleA credit rating from both S&PGlobal and Moody’s rating agencies, in recognition of the Cook Government’s responsible financial management.
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As stated by Treasurer Rita Saffioti:
“WA’s nationleading economy and WA Labor’s responsible financial management means that all Western Australians can share in the success of our economy.
“Our strong financial position provides the capacity to deliver record cost of living support for families, invest significant funding into key areas including health, housing and education and deliver the infrastructure that will fuel economic success in the future.
“Our record cost of living support for Western Australian families will include a fourth $400electricity credit, which comes on top of our recently announced WA Student Assistance Payment and free public transport for students, our boost to the Regional Pensioner Travel Card and extending airfare caps for regional Western Australians.
“Our Government will continue to responsibly manage the State’s finances and keep debt under control, so we can continue to invest in the things that matter to Western Australians.”
