The Federal Government has unveiled a $22.7 billion price tag for its Future Made in Australia initiative, including a production tax incentive for critical minerals – starting in 2027.
The federal government has poured in billions of dollars to ease cost-of-living pressures, including $3.5 billion in energy bill rebates and tax cuts from July 1.
Western Power customers will pay an extra 9.5 per cent on average for services in the coming financial year, after the utility’s proposed price structure got a conditional regulatory tick.
Treasurer Rita Saffioti has defended the state’s Metronet investment and gone into bat for business on Nature Positive law reform in her first post-budget breakfast address.
The Liberal Party WA has accused the state government of squandering the “largest fiscal boom in state history”, in response to Rita Saffioti’s first budget as treasurer released today.
Resources royalty reliance and a lack of action on payroll tax were among the key observations from business groups digesting today’s state budget – the first from Treasurer Rita Saffioti.
Ratings agency S&P Global Ratings has expressed surprise that the state budget will dip into a cash deficit this year but otherwise was effusive about the health of WA’s finances.
A record $12.1 billion will be spent through the state’s asset investment program in 2024-25, part of a $42.2 billion outlay forecast over the four years to the end of 2028.
Surging investment in resources projects has bolstered economic growth this year while in future years Treasury expects housing and government investment to be the key drivers.
The state government has allocated $2.7 billion in the 2024-25 budget to spend on Metronet while the estimated cost for the original commitments has blown out.
The state government has made an upward revision to its long-term iron ore price forecast, as lower-than-forecast critical mineral royalties highlight the volatility challenges facing the economy.
The state government has forecast continued budget surpluses but behind the headline numbers lie big “cash deficits” and a large increase in state debt.
The state government has set aside half a billion dollars to fast-track clean energy and major industrial projects around the state and set aside some $36 million to expedite approvals as part of today’s state budget.
The federal government has formalised its view of gas as an energy transition fuel, committing to new projects as a means of maintaining reliable and affordable supply beyond 2050.
ANALYSIS: The cumulative value of the WA government’s pre-budget spending announcements is nearing $3 billion – a day out from Treasurer Rita Saffioti’s first official budget release.
Prime Minister Anthony Albanese says delays to environmental policy reform show he is listening to WA businesses, but has brushed off questions on whether a draft will be ready before the next election.
Anthony Albanese labelled a statement by the Chinese foreign ministry, in which it said an Australian helicopter was acting “provocatively”, contradictory.
The total investment into the planning phase of the multi-billion-dollar Westport project nears $70 million after the federal government matched its state counterpart's funding.
Prime Minister Anthony Albanese has unveiled millions of dollars of funding for the resources industry including $566 million for an exploration map, at a Business News event this morning.