- State Government hands down 2024-25 Mid-year Review
- WesternAustralia's domestic economy expected to continue growing at double the rate of national economy
- Forecasts for Gross State Product, State Final Demand and Employment growth have all been revised up
- A seventh consecutive operating surplus of $3.1billion is forecast, up from the $2.6billion surplus forecast in the 202425Budget
- Net debt now projected to be nearly $300 million lower than forecast in the 202425Budget
- Stronger financial capacity has enabled significant additional investment in housing, cost-of-living support and front-line services, particularly hospital services, child protection, and family and domestic violence services
Western Australian Treasurer Rita Saffioti has today released the 202425 MidyearReview, revealing the State's economy and finances continue to lead the nation.
Following growth of 5.7 per cent in 202324, Western Australia's domestic economy is expected to grow at 3.5 per cent in 202425, up from the previous forecast of 3.25 per cent in the 202425 Budget.
The projection continues the trend of Western Australia's domestic economy growing at more than double the national economy.
Growth projections for both Gross State Product and Employment have also been revised up compared to the 2024-25 Budget.
The growth in the Western Australian economy has been driven by strong business investment, rising at its strongest pace in 12years, resilient household consumption, and robust population and employment growth.
The continuing strength of the domestic economy has led to an upward revision of the general Government operating surplus, which is now forecast to be $3.1billion for 202425, up from $2.6billion projected in the 202425 Budget. Consistent with the Budgettime projections, surpluses are also expected in each of the outyears.
Total public sector net debt is projected to be $32.4billion at 30June2025, a reduction of $289million compared to the 202425Budget forecast, while net debt over the forward estimates is also projected to be $1.3 billion lower than forecast in the 202425Budget.
At just 6.2 per cent of Gross State Product, WesternAustralia has by far the lowest debt burden in the nation, and significantly below the 14.4 per cent left by the previous Liberal and National Government.
Western Australia remains the only State or Territory with a tripleA credit rating from both S&PGlobal and Moody's Investors Services.
The Cook Labor Government continues to leverage its strong financial position to provide the infrastructure and services needed to support Western Australia's growing population and economy.
A record $42.4billion Asset Investment Program has been maintained over the four years to 202728, peaking at $12.5billion in 202425.
Key new investments in this MidyearReview include:
- a further $1.3billion to boost housing supply and improve affordability;
- an additional $1.5billion on health services, including $930million for hospital services, supporting higher activity due to our expanding population;
- $1.2billion of additional spending on education and training, including Better and Fairer Schools Agreement initiatives with the Commonwealth;
- $500million to progress the Clean Energy Link-North project and $438million for Synergy to progress the King Rocks Wind Farm, to support decarbonisation of the State's energy system;
- $1.6billion of additional investment in transport infrastructure, including $654million for the High Capacity Signalling program and $273million for Westport project planning and land acquisitions;
- a further $86million of spending on family and domestic violence initiatives, and $31million to boost the child protection workforce by 55 workers over the next two years;and
- $70million of additional cost-of-living relief measures, with more than $1.1billion of support provided in 202425.
The MidyearReview is available from the Department of Treasury website at: www.wa.gov.au/organisation/department-of-treasury
As stated by Treasurer Rita Saffioti:
"In the face of global uncertainties and headwinds, this MidyearReview highlights WesternAustralia's continued resilience, as our economy outperforms the rest of the nation.
"The Cook Labor Government's strong financial management has allowed us to maintain our record investment in infrastructure and housing, along with new energy decarbonisation initiatives.
"We are supporting Western Australians and our growing population with major funding boosts in key areas, including $1.5 billion of new investment in health services, $1.3 billion of new investment to boost housing supply and an additional $70 million in cost-of-living initiatives, which takes our overall investment in cost-of-living support to more than $1.1billion this year.
"At the same time, we are maintaining the most affordable levels of net debt in the nation.
"The Liberals and Nationals left our State with the worst set of books in the country, but our Government has driven debt down and positioned our State to have what are now the strongest economic and financial numbers in the nation."
