The government had to deliver cost of living relief to WA households in this state budget. And there are measures in there to ease the pressure- a lot of it having already been announced- like cash for parents to help cover school costs. But there were a couple of extra sweeteners in there too.
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00:00The Cook government's first state budget is also its last before WA voters head to
00:11the polls, meaning these books are aimed at pleasing just about everyone.
00:17My government is providing supports for families, for seniors, for tradies, for renters.
00:25In fact, this budget delivers for every Western Australian.
00:30All WA households and small businesses will again get $400 off their power bills.
00:35Just like last year, it'll be split into two $200 credits.
00:40WA is the place to be, population rising by 3.3% over the year to September 2023, equivalent
00:47to almost 94,000 people.
00:50The state expected to have a population of 3 million by next financial year.
00:55But where are they all going to live?
00:56Well, the government is spending $1.1 billion to boost housing supply, including new funding
01:02to get more people into the property market, with stamp duty relief expanding to properties
01:07valued between $450,000 and $600,000, if you can find a place at that price.
01:14The modelling shows 5,000 homebuyers will benefit from this change.
01:18Are there 5,000 homes out there at that price point?
01:21Our modelling shows that 5,000 people will benefit, as in they'll benefit from some concession,
01:26either the full exemption or the concession.
01:29In welcome news, inflation is easing while wages are growing, which according to Treasury
01:33should mean your pay packet stretches further.
01:37As for the books, they're still in good shape, a $3.2 billion surplus tipped for this financial
01:43year, staying in the black across the Ford estimates, debt though steadily creeping up
01:48to $41 billion in 2027, WA Labor's sixth consecutive budget surplus thanks in large
01:55part to, you guessed it, iron ore prices, the commodity once again outperforming expectations.
02:02The state's coffers also benefiting from GST revenue, population growth and real estate
02:08prices.
02:09So how will it be spent?
02:11$3.2 billion on health, $1.8 billion on diversifying the economy, investing $500 million of that
02:20in a so-called strategic industries fund.
02:25Also something the government is not so keen to spruik, another metro net cost blowout.
02:31An additional $707 million on top of the overall bill, most of that tab will be picked up by
02:37the Commonwealth.
02:39Well here again we have a government that's unable to manage its projects, over $12 billion
02:45spent on a rail system, which is going to build in more ongoing costs to Western Australia.