Despite significant national and international headwinds, the State’s economy continues to perform well, and is forecast to grow by 3% in 2022-23 (up from the 2% growth forecast at Budget‑time). Conditions in the State’s labour market remain strong, with the unemployment rate now forecast to average just 3.5% over 2022-23.
In addition to the Government’s enhanced Wages Policy, the Mid-year Review includes significant new investment in decarbonising the South West Interconnected System, a new metropolitan facility for the Department of Primary Industries and Regional Development, and initiatives to further diversify the Western Australian economy.
The general government operating surplus for 2022-23 has been revised up from $1.6 billion at Budget to $1.8 billion, with operating surpluses also forecast across the entire forward estimates period. The Government’s Asset Investment Program totals a record $35 billion over 2022-23 to 2025-26.
Net debt is projected to be $32.2 billion at 30 June 2026, down $1.7 billion on the estimate at Budget-time.
