West Australia reports record $344 million surplus

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West Australia reports record $344 million surplus

An audit of Western Australia's finances found an extra $344 million in operating surplus, taking the total surplus to $6 billion for the last financial year, a new Australian record.

The 2021-22 Annual Report on State Finances shows that expenditure was $576 million less than what was expected to be in the budget, and the better-than-expected outcome is a result of the lower-than-expected outcome.

Revenue is down $232 million, mainly because of lower royalty collections, according to the government.

It plans to use the extra money to retire state debt and fund infrastructure, as well as improve public sector wages.

The economy of WA had grown more than any other state during the epidemic, according to Premier Mark McGowan.

We are using our strong financial position to address the challenges we face today and set the state up for the future, including our response to COVID 19, spending in our health system, cost of living relief, climate change, investing in social housing, a new women and babies hospital, remote communities, Westport and more, according to McGowan.

We have reduced net debt for a third year in a row, down from $4.3 billion to $29.2 billion in 2021 -- 22, the largest reduction in a row.

The debt of the state is now $14.5 billion lower than expected when we came to government. Shadow treasurer Steve Thomas said the extra money found in the audit should be used to help West Australians struggling with cost of living pressures.

He said the surplus announced today was the biggest ever recorded by any state in Australian history and showed that the government was rolling in cash. It has been the greatest fiscal boom of any state or territory in our nation's history, and it is thanks to the world buying iron ore as part of their economic stimulus packages.

The Premier is wrong about his priorities because of the fact that an enormous surplus has been announced the same week that fuel prices are going back up thanks to the end of the six months fuel excise reduction. He said the government should consider reducing fees and charges, giving targeted cash handouts and reducing employment and housing taxes.