State Finances

Western Australia’s whole of government financial publications outline the forecast and actual performance of the State’s public sector.

The annual cycle of disclosures begins with the State Budget (usually delivered on the second Thursday in May each year, except in an election year where the Budget may be delayed by the beginning of the new Parliamentary term).

The Government Mid-year Financial Projections Statement (or Mid-year Review), updates the Budget-time forecasts for the State’s finances and the economic outlook. Quarterly Financial Results Reports summarise the year-to-date progress toward the achievement of the Budget (with September, December and March publications released within 60 days of the end of the reporting period).

The June quarter outcome is included in the Annual Report on State Finances, an audited financial report that also details the outcomes for the financial year relative to the Budget (this report is released by 28 September each year).

The Pre-election Financial Projections Statement is produced at the beginning of the caretaker period ahead of a State election (held every four years) and details the outlook for the State’s economy and finances, and provides a baseline against which political party election costings can be assessed.

Budget cycle Treasury WA

These publications are prepared in accordance with Australian accounting standards (and in particular, AASB 1049: Whole of Government and General Government Sector Financial Reporting), and satisfy Western Australia’s Uniform Presentation Framework reporting requirements (under which all States, Territories and the Commonwealth produce a common core of consistent whole of government financial reporting).

Government Mid-year Financial Projections Statement (Mid-year Review)

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Released by 31 December each year, the Government Mid-year Financial Projections Statement (or Mid‑year Review) updates the economic assumptions and financial projections detailed in the State Budget released earlier in the year. These reports are in the same format as the Budget to assist users to interpret changes since the Budget.

Quarterly Financial Results Report

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Released within 60 days of the end of the reporting period, these reports detail progress toward full year outcomes for the period to 30 September (three months), 31 December (six months) and 31 March (nine months). June outcomes are reported in the Annual Report on State Finances. These reports are in the same format as the Budget to assist users to interpret progress towards the Budget.

Annual Report on State Finances

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Released within 90 days of the end of the financial year, the audited annual report details whole-of-government financial outcomes relative to the Budget. This report is in the same format as the Budget to assist users to interpret outcomes compared with the Budget.

Pre-election Financial Projections Statement

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Released within 10 days of the dissolution of the Legislative Assembly ahead of a State election, the Pre-election Financial Projections Statement updates the economic assumptions and financial projections detailed in the State Budget or Mid year Review (whichever is the most recent). These reports are in the same format as the Budget to assist users to interpret changes since the Budget and to provide a baseline against which political party election costings can be assessed.

Page reviewed 19 February 2020