State Government’s billion-dollar Budget surplus surprise

[Pelican Press 0]

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State Government’s billion-dollar Budget surplus surprise

A late rush of iron ore shipments has helped deliver an unexpected $1.3 billion Budget boost to the WA Government, reinforcing the State’s position as Australia’s strongest economy.

Final numbers for the 2024 financial year have revealed WA’s actual operating surplus came in at $4.5b, up from the $3.2b forecast in May’s State Budget.

The surprise result was attributed to unexpectedly strong revenue, which was $872 million better than forecast, mainly thanks to higher iron ore royalties and transfer duties, and lower than expected expenses.

“Strong business and government investment, combined with resilient household consumption has made our economy and jobs market the strongest in the country,” Treasurer Rita Saffioti said..

“Our strong financial management has underpinned Western Australia regaining its triple-A credit rating, the only State or Territory to hold this from both of the major international rating agencies.”

More to come.

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