2022–23 Government Mid-year Financial Projections Statement

News story
The 2022-23 Government Mid-year Financial Projections Statement (or Mid-year Review) was released by the Treasurer today. The report provides the latest information on Western Australia’s economic and fiscal outlook.
Government Mid-year Financial Projections Statement 2022-23 graphic

Despite significant national and international headwinds, the State’s economy continues to perform well, and is forecast to grow by 3% in 2022-23 (up from the 2% growth forecast at Budget‑time). Conditions in the State’s labour market remain strong, with the unemployment rate now forecast to average just 3.5% over 2022-23.

In addition to the Government’s enhanced Wages Policy, the Mid-year Review includes significant new investment in decarbonising the South West Interconnected System, a new metropolitan facility for the Department of Primary Industries and Regional Development, and initiatives to further diversify the Western Australian economy.

The general government operating surplus for 2022-23 has been revised up from $1.6 billion at Budget to $1.8 billion, with operating surpluses also forecast across the entire forward estimates period. The Government’s Asset Investment Program totals a record $35 billion over 2022-23 to 2025-26.

Net debt is projected to be $32.2 billion at 30 June 2026, down $1.7 billion on the estimate at Budget-time.

Page reviewed 15 December 2022