2022-23 WA Budget

• Business News

WA’s budget announcement has revealed a $5.7 billion operating surplus for the state for the 2021-22 year, highlighting a further $10.9 billion predicted to be banked across the next four years.

It comes as Premier Mark McGowan acknowledged the mammoth surplus as a result of “WA’s soft landing from COVID.”

Where householders can see a temporary dent in their cost of living with the $400 electricity credit, the public health system is also a much-needed beneficiary with the Budget confirming previously announced commitments to improve emergency department capacity ($252 million) and medical infrastructure ($223 million).

Overall, $2.5 billion is set to be invested in the state’s health and mental health systems, with an additional $1.6 billion to continue response to COVID 19.

WA’s “strong economy”

The state budget confirmed the “WA economy powers the nation” revealing a 7.2% growth since the start of the pandemic (the strongest of all states).

With WA’s unemployment rate declining to 3.4% – the lowest in the nation and the lowest in the state in 13 years – $180 million has been announced to support industry-led diversification proposals, “creating local jobs in new and emerging industries.”

Other initiatives include:

• $1.3 billion to strengthen and diversify the economy and create jobs, including an $80 million boost to the Investment Attraction Fund
• $70 million to support tourism
• $50 million boost to the Industrial Land Development Fund
• $41.2 million to support the recovery of the international education sector

Building a skilled workforce  

Expanding WA’s skilled workforce was addressed in the state budget announcement with the “Lower Fees, Local Skills” program allocated an additional $38.4 million in funding.

This initiative allows local West Aussies to up-skill and gain a nationally accredited qualification at half price tuition fee.

Other Key Budget Initiatives

• $652 million for climate action and environment initiatives, including an extra $500 million for the Climate Action Fund and $59.3 million to accelerate the take-up of electric vehicles
• $450 million to support safe and thriving communities, including additional investments in child protection, prevention of family violence, support for people with disabilities and helping our youth thrive
• $400 million financial boost to the Digital Capability Fund to ensure key agency service delivery keeps pace with public expectations and to enhance cyber security
• $350 million for a new Remote Communities Fund to provide for the regularisation and upgrade of water and electricity services and new and refurbished housing in remote Aboriginal communities