The McGowan Labor Government's 2022-23 State Budget delivers another strong surplus that will provide more than $1.3 billion to further strengthen and diversify the economy to create local jobs for the future.
This follows an investment of more than $1.7 billion in the 2021-22 Budget and Mid-year Review to set up Western Australia's long-term future and implement the WA Jobs Plan.
The strong Budget position will see the McGowan Government significantly invest in a range of local industries as we reconnect with the world, including international tourism and events, and the international education sector.
Investments in this Budget include $69.5 million boost to the tourism sector to attract blockbuster and business events, to support additional marketing and develop tourism experiences in WA.
There will also be an additional $41.2 million for the international education sector for two new scholarship programs and $10 million to increase the number of international students who choose to study in WA.
These initiatives build on the Reconnect WA package and the Safe Transition Industry Support Package.
The Budget further funds the expansion of export markets and supports the development of other priority sectors identified in the Diversify WA economic framework, including:
- an $80 million boost to the existing Investment Attraction Fund;
- Increasing the fund to $180 million to support industry-led diversification proposals to create local jobs in new and emerging industries.
- a $50 million increase in the Industrial Land Development Fund;
- Increasing the fund to $100 million to unlock private sector investment and spark new growth opportunities in our economy.
- $25 million to establish the Western Australian Agricultural Collaboration;
- In partnership with the Commonwealth Scientific and Industrial Research Organisation and the university sector to leverage funding from the Commonwealth and industry.
- $17.1 million to expand WA's international trade offices;
- To open up export and investment market opportunities, as well as an 'invest and trade' global marketing campaign.
- $12 million for the WA-Array program;
- Providing imaging of the State's geology to assist exploration companies in identifying new resources.
- $10 million for a second round of funding to attract business call centres and back office processing to WA;
- $6 million for the Minerals Research Institute of WA;
- To pursue strategic research opportunities, including critical minerals and clean energy technologies.
- $8.7 million to implement the WA Health and Medical Life Sciences Industry Strategy;
- almost $11 million for the continuation of grant programs to support the space sector;
- supporting the development of an LNG decommissioning industry in WA through a $5 million grant to the Centre for Decommissioning Australia; and
- $4.5 million to strengthen the local capability of our small and medium-sized enterprises to compete for State Government work.
Other measures include a 50 per cent royalty rebate to support development of the potash industry and an additional investment in a vessel transfer path at the Australian Marine Complex for the defence industry.
Investments in economic infrastructure to expand existing industries and facilitate new industries in the State Budget includes:
- $332 million for a major upgrade at the Geraldton Port;
- $250 million for Stage 1 and 2 of the Pinjarra Heavy Haulage Deviation, which will provide an alternative route for heavy vehicles around the town to reduce congestion and improve safety;
- $120 million for Moorine Rock to Mount Holland road upgrades that will support the Covalent lithium mine;
- $78.1 million to construct supporting infrastructure at Lumsden Point in the Pilbara;
- $52 million for the construction of a supply base to support oil and gas operations in the Browse Basin, and for base infrastructure for an associated chemical storage facility in Broome;
- $15 million to undertake dredging to expand the Port of Port Hedland;
- $50 million to expand capacity on the Great Northern Highway between Newman and Port Hedland;
- $36 million for the Mid-West and Great Southern Secondary Freight Network Program; and
- $10 million for the Leach Highway-Stock Road Grade Separation.
For more information, visit https://www.ourstatebudget.wa.gov.au
As stated by Premier and Treasurer Mark McGowan:
"Delivering another strong surplus means my Government can deliver on the key focus of diversifying our economy across a wide range of industries.
"We are ensuring that diversification plays to our strengths, but also reduces any over-reliance on one particular sector to ensure our economy remains strong into the future and generates long-term growth as we reconnect with the world.
"The 2022-23 State Budget delivers another massive $1.3 billion investment in economic diversification initiatives and infrastructure that restart industries impacted by the necessary closure of international borders over the past two years of the pandemic.
"My Government continues to broaden Western Australia's economic base by adding value to existing industries and supporting new industries.
"These investments further advance the Government's Diversify WA strategy and WA Jobs Plan, which put Western Australia in a strong position and sets our State up for the future."
