The 2021-22 Budget highlights that Western Australia’s recovery from the initial impacts of COVID-19 has been much quicker and stronger than expected, with the State’s economy now forecast to grow by 3.5% in 2021-22 – the fastest rate of growth since 2013-14. The strong economic rebound has also flowed through to the State’s finances, with a record general government operating surplus estimated at $5.6 billion in 2020-21 and a $2.8 billion operating surplus forecast for 2021-22. The Government has used this fiscal capacity to continue to respond to COVID-19 and address current and emerging priorities, with substantial new investments in this Budget in the State’s health and mental health systems, climate action, social housing, digital capability, economic development and jobs creation, as well as a record $30.7 billion Asset Investment Program over the next four years. Despite this record investment, total public sector net debt is forecast to remain relatively flat over the forward estimates period, at around 11.5% of Gross State Product.
The Budget Papers are available on the Our State Budget website.