This year’s state budget has just been handed down, with a $4.2 billion surplus
Premier and Treasurer Mark McGowan has just handed down the WA state budget for the 2023-2024 financial year.
Amongst a raft of budget news was a surplus of $4.2 billion announced for the current financial year, with next year’s surplus forecast to be $3.3 billion.
One of the key components announced was a $715 million cost of living relief package that will give every household a minimum of $400 credit towards in electricity (delivered in two $200 instalments) – while approximately 350,000 households will receive up to $826 in relief.
Targeting another significant cause of concern for West Australians, $750 million has been invested into boosting housing supply and support. Last week, an injection of $450 million to the Social Housing Investment Fund was announced ahead of the budget, with the goal of delivering 700 additional social homes as well as refurbishing existing social housing stock.
As well as this $450 million, $47.6 million will go to initiatives to expand WA’s residential construction workforce, and $48 million to facilitate medium-to-high density urban infill development in Bentley, and a further $55 million has been allocated to water infrastructure upgrades to unlock housing development.
As well as this, last week’s pre-budget also included the $49 million that would go towards a pilot program, delivered with community housing organisations, that provides 100 supported landlord homes to rough sleepers in regional Western Australia.
Additionally, $33 million will extend the applicable thresholds for off-the-plan transfer duty rebates.
In another key takeaway, $3 billion was invested towards WA’s target of net zero emissions by 2050, $2.8 billion of which will go to energy storage, wind power generation and upgrades to the State’s main electricity grid.
Healthcare was another a key pillar of the budget, with a $2.7 billion injection towards health and mental health.
This included $74.9 million targeted at reducing ambulance ramping and emergency care access, $218.9 million to provide 53 new beds within the Graylands Reconfiguration and Forensic Taskforce project, $9.8 million for suicide prevention and $55.2 million for replacement and upgrades of medical and imaging equipment.
The full budget is available to read on the Western Australia State Budget website: www.ourstatebudget.wa.gov.au