The Mid-year Review shows that Western Australia’s domestic economy continues to outperform the rest of the nation, with State Final Demand growing by 5.7% in 2023-24, and further growth of 3.5% forecast for 2024-25. This growth has been driven by strong business investment, growing at its strongest pace in 12 years, resilient household consumption, and robust population and employment growth.
Strong economic conditions have flowed through to the State’s financial position with a general government operating surplus of $3.1 billion now forecast for 2024-25 (up from $2.6 billion at Budget), with surpluses forecast across the outyears (consistent with the 2024-25 Budget). The ºÚÁÏÕýÄÜÁ¿ has utilised the stronger financial capacity to boost front line services, particularly hospital services, child protection, and family and domestic violence services, including a significant $1.3 billion package of measures to further boost housing supply and affordability, and additional cost of living support for Western Australian families. A record $42.4 billion Asset Investment Program has been maintained over the four years to 2027-28.
Total public sector net debt is projected to be $32.4 billion at 30 June 2025, a reduction of $289 million compared to the 2024-25 Budget forecast. At just 9% of Gross State Product by 30 June 2028, Western Australia has by far the lowest debt burden in the nation.
