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Dear <<First Name>>,

WA State Budget 2017: What you need to know

The new WA Labor Government has handed down its first budget aimed at "getting WA back on track", in the words of Premier Mark McGowan.

Here is a summary of the key points from the Budget to help you to understand how it may affect you, your family and your business.

At a Glance

  • Big businesses (nation-wide payroll in excess of $100m) will see their payroll tax bills rise, while gold miners will also be hit with higher royalties as part of the plan to bring WA's budget back to surplus by 2021.
  • Thousands of voluntary redundancies will be sought from the public service and an axe will be taken to the Royalties for Regions (RFR) program as part of substantial spending cuts, but it is not predicted to be enough to stop the state's debt rising to $43.8 billion by 2020.
  • WA's budget is predicted to be $2.3 billion in the red this financial year, with deficits above $1 billion predicted each year until a forecast return to surplus in 2020-21.
  • $5b+ in new spending over the next 4 years to stimulate growth in the Western Australian economy and create jobs.

Key Spending Initiatives

Jobs, Growth and Diversifying the Economy

  • $465 million for building primary schools in high growth areas, redevelop aging high schools and improving learning facilities across the state
  • $129 million over four years to build at least 95 km of new cycling paths
  • Additional $87 million over four years for events and destination marketing to support tourism
  • $39 million on the Local Projects Local Jobs grants program to deliver 750+ projects across the State
  • Establish Defence West to actively campaign for greater share of defence contracts
  • $20 million over five years to establish an Aboriginal Ranger Program
  • $17 million for a New Industries Fund to support new and emerging businesses in the high-tech sector
  • $17 million to convert primary school classrooms into science labs and $2 million to upskill teachers to integrate software coding into their teaching
  • $16.7 million in grants for new technology start-ups and computer gaming to create new jobs
  • Vocational education and training course fees to be frozen from 2018 training year

Building Metronet, Reducing Congestion, Creating Jobs

  • $1.3 billion for METRONET Stage 1 projects, including the Thornlie-Cockburn Link and Yanchep Rail Extension, and acquisition of an additional 102 rail cars
  • $237 million for construction of the Armadale Road Bridge
  • $50 million for a new traffic interchange at Wanneroo Road and Joondalup Drive
  • $49 million for the widening of Kwinana Freeway northbound between Russell Road and Roe Highway
  • $40 million to begin works on widening the Mitchell Freeway southbound between Cedric Street and Vincent Street

Housing Affordability

  • There have been no changes to the First Home Buyers Grant announced in the WA State Budget, which is currently available up to $10,000 for eligible first home buyers.

Funding of approximately $344 million for significant programs under The Asset Investment Program including:

  • The development of 1,509 housing lots to support affordable public and community housing in metro and Regional WA
  • $21.7 million to secure a range of entry-level properties for low and moderate earners, as part of the Affordable Housing Shared Equity program
  • $44.1 million to allow the commencement of 335 public housing home to be completed in the next year, under the Construction and Spot Purchase program
  • $58.5 million for the acquisition of land for government housing programs and to maintain a stream of affordable land supply for home buyers
Foreign property buyers will pay a 4% surcharge on the purchase of residential property. This is forecasted to add $48 million in net additional revenue

Healthcare

  • $2 million to establish Urgent Care Clinics to reduce the pressure on emergency departments
  • $2.8 million to expand the Ear Bus program into the Kimberley region
  • $2.1 million to initiate the Let's Prevent pilot program to support & educate people at high risk of developing chronic health conditions
  • $1.6 million to expand the Find Cancer Early program further in Regional WA

Mental Health investment is focused on the following:

  • $7.3 million for a step up/step down mental health facility in Kalgoorlie
  • $13.2 million towards specialised mental health programs for students in approximately 300 schools
  • $5 million to develop the Peel Youth Medical Service Health Hub

Safer Communities

  • $83.5 million to establish a Meth Border Force to reduce the supply of methamphetamine coming into the State, and a further $48.2 million for a coordinated and targeted Methamphetamine Action Plan
  • $12.4 million for the Stopping Family and Domestic Violence package

Rural WA

  • $2b+ in new spending across infrastructure, health, housing and the environment

Talk to us

The 2017 - 18 State Budget contains a range of measures that could affect your current and future financial position.

If you would like individual advice to understand more about what the Budget means for you, please contact us.

With Compliments,

Simon Chesson
Director
 

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