The Western Australian Government recorded a $1.16 billion operating surplus in the December quarter of 2006, according to findings released today by the Department of Treasury and Finance.
The full text of an announcement from WA Treasurer Eric Ripper is pasted below
The strength of Western Australia's economy has again been confirmed with today's release of the December 2006 Quarterly Financial Results Report.
Treasurer Eric Ripper said the report showed that the general Government sector recorded a $1.16 billion operating surplus for the six months to December 31, 2006.
Mr Ripper said the Government was investing the surplus in WA's future by using it to build infrastructure and cut debt.
"The surplus is a vital source of funding for our massive $19.4 billion capital works program and is also enabling the Government to pay off record levels of debt," the Treasurer said.
He said the general Government sector continued to be debt free.
General government revenue in the six months to December 31 totalled $8.5 billion.
This included higher Commonwealth grants (up $165 million) and higher royalty income (up $146 million), compared with the same period last year.
Conveyance duty revenue was up $108million, while mortgage duty revenue was down $20 million, reflecting the Government's decision to halve the duty rate. Mortgage duty would be abolished altogether in 2008.
"While still strong, the rate of growth in revenue in the first half of 2006-07 (eight per cent) has slowed from the record growth achieved in 2005-06 (14 per cent)," Mr Ripper said.
"To a large extent, this reflects the WA property market coming off its recent peak."
