26/11/2021 - 15:40

Budget surplus fuels strong start to FY22

26/11/2021 - 15:40

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WA recorded a $4.4 billion surplus in the first quarter of this financial year, thanks in large part to a generous GST top-up grant and growing royalty revenue.

Budget surplus fuels strong start to FY22
Mark McGowan has held the treasury portfolio since March. Photo: Gabriel Oliveira

Western Australia recorded a $4.4 billion surplus in the first quarter of this financial year, thanks in large part to a generous GST top-up grant and growing royalty revenue.

Budget papers published in September indicated the state was due to report a $2.8 billion surplus in the year to June 2022.

"Our solid financial position further highlights our world-leading response to the pandemic," Premier Mark McGowan said.

"Western Australia is the safest place to be with the greatest opportunities.

"The September operating surplus largely reflects the early receipt of revenue expected at the time of the Budget, particularly the annual GST top-up payment.

"Our strong economy is boosting revenue collections across the board.

"However, continued volatility in the iron ore price highlights why we must budget carefully."

More to come.

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