WA State Budget 2024: A five-minute guide to what it means for you

Rita Saffioti has presented her first budget since taking over as treasurer last year. The financial report, Labor’s eighth, showed Western Australia was the envy of the nation and going from strength to strength, with huge spending on infrastructure.

Here’s what you need to know:

FINANCE

WA will record a surplus of $3.2 billion this financial year, a drop from the $3.7 billion forecast in the mid-year review after additional federal funding for Metronet failed to accrue. Over the next four years, the Government accumulates $10 billion in surpluses, between $2.4 billion and $2.8 billion, including $2.6 billion in the 2024-25 financial year.

“We have seen some volatility in our revenue base, particularly in commodity prices, and that is primarily due to changes in Commonwealth cash flows for some of the payments,” he said.

Net debt is on track to rise from $28.6 billion by June 30 to more than $40 billion by 2027-28, a figure Saffioti described as still significantly lower than any other jurisdiction.

HOUSEHOLD FEES AND CHARGES

The centerpiece for households in Saffioti’s first budget is another $400 energy bill credit, the fourth offered to consumers. Since the first discount was offered amid the pandemic, Western Australians have had $1400 slashed from their utility bills.

The credit will be automatically applied to 1.1 million households in two parts: the first in July or August and the second in December or January, in line with peak energy consumption.