The Liberals' election commitments will increase state debt by $1.2 billion, pushing total borrowings to $24. 8 billion in 2015/16, according to Treasury costings released today.
This comes one day after Treasury found that Labor's election commitments would add $1.7 billion to state debt, with the total debt figure blown out to $25.3 billion in 2015/16.
However, under-treasurer Tim Marney has warned there is "substantial risk" in the Liberals' assumption of $311 million in Commonwealth funding over 2015-16 towards its major transport projects.
A total of $3 billion in Commonwealth funding over the life of several major infrastructure projects is assumed in the Liberals' estimates, including the MAX light rail, a train line to Perth Airport and the Perth to Darwin highway extension.
Treasurer Troy Buswell last week said he expected the federal government would provide half of the funding for the projects.
In contrast, shadow treasurer Ben Wyatt said Labor was not counting on any federal funding towards its Metronet rail project, although it expects to receive $300 million under the Gillard government's Nation Building 2 program.
Mr Marney also identified a pledge made by Premier Colin Barnett during a leader's debate last month to keep increases in electricity prices 'at or around the rate of inflation' as a potential threat to the debt forecasts within the Liberals costings.
If power price increases were kept at the current rate of 2.75 per cent per annum, Mr Marney said, net debt would increase by an additional $539 million over the forward estimates period.
Labor submitted its Metronet heavy rail project to Treasury for costing but did not submit any other policies, instead providing Treasury with its aggregrate spending estimates.
The Liberals' election partners, the WA Nationals, did not submit their policies to Treasury for costing.
Treasury has warned all political parties to rein in spending, with cost estimates "highly sensitive" to volatile commodity prices and increasing state debt threatening WA's AAA credit rating.
