In Business

Western Australia Premier and Treasurer Colin Barnett

State Budget 2010-11: 2010-11 Budget Confirms Surplus

Victor P Taffa

The Liberal-National Government has provided a strong foundation for Western Australia’s families and communities after Premier and Treasurer Colin Barnett announced a surplus in today’s Budget of $290 Million in 2009-10 and $286 Million in 2010-11.

Premier Barnett said surpluses were also forecast over the following three years and these are the result of the Liberal-National Government’s disciplined financial management.

“This Budget reflects the efforts of a Government and a community that have worked together to build a strong foundation for future growth.” Premier Barnett told Parliament.

“I am very proud of these results because they signal our confidence going forward, reduce our reliance on debt, and mean we can maintain the State’s Triple-A credit rating.”

 

 

Premier Barnett said the Western Australian economy was moving away from the effects of the global downturn and into the early stages of recovery.

The State’s stronger financial position meant more could be invested in delivering better health, education and social services as well as a safer community.

“This Government has worked diligently and innovatively to stabilise the State’s financial position so that we have a strong foundation for future growth.” the Premier said.

“This has not been easy to achieve and has been done in partnership with the community.”

“Nonetheless, recovery in the global economy remains fragile and we need to work hard to lock in a strong recovery for Western Australia.”

“The Federal Government’s announcement of a resource rent tax in Australia and ongoing Euro zone jitters show there is still much uncertainty both domestically and abroad.” the Premier said.

Premier Barnett said there were, however, reasons to be cautiously optimistic.”

“Economic growth for Western Australia is forecast to accelerate to 4.5 % in the coming financial year, driven by stronger household consumption, exports and a rebound in job-creating business investment.” the Premier said.

“Sustained expansion in Western Australia will be built on record levels of investment in the State’s world-class resources sector and will be watched keenly by the rest of the country.”

The Liberal-National Government’s 2010-11 Budget:

  • Delivers State-building projects and infrastructure for future growth;
  • Ensures future growth is not hampered by structural impediments or red tape;
  • Keeps the State finances strong so Western Australia retains a triple-A credit rating.

Premier Barnett said the Liberal-National Government would maintain its strong economic management as it expanded and improved key service delivery.

“We are committed to working together to ensure West Australians share in the State’s opportunities during times of prosperity and are supported during times of adversity.” Premier Barnett said.

This Budget:

  • Provides the biggest ever additional funding injection for the health system, including new and expanded ambulance services and improved access to child health services;
  • Expands the Government’s Independent Public Schools initiative and funds additional teachers, education assistants and school support staff;
  • Enhances community safety by increasing Police and auxiliary officer numbers and investing in their communications and new stations, and expands youth justice services in the regions;
  • Helps the most vulnerable in our community through expansion of support and protection services for children, and increased assistance for not-for-profit organisations;
  • Expands the range of hardship assistance measures for families, small businesses and seniors.

In total, the 2010-11 Budget outlines $22.3 Billion of recurrent expenditure on services in 2010-11, up $843 Million on 2009-10.

The Asset Investment Program totals $7.6 Billion in 2010-11.

“This infrastructure program is 6.5 % higher than the expected out turn for 2009-10 and a massive 31 % increase over 2008-09.” Premier Barnett said.

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