WA Labor to get the State Budget back on track with comprehensive plan

Thursday 09 Mar 2017
  • WA Labor's financial management plan given tick of approval by independent experts
  • A McGowan Labor Government will return the budget to surplus in 2019-20
  • Colin Barnett's debt will be stabilised and reduced over time, without privatising Western Power
  • WA Labor's gross capital spend to 30 June 2020 is $2.78billion - with $2.98billion in sources of funding to pay for all its promises

A McGowan Labor Government will return the State to sensible and credible financial management, delivering a surplus of $205million in 2019-20.

WA Labor's comprehensive financial management plan outlines how all of WA Labor's election commitments are paid for within the existing forward estimates.

After unprecedented record growth in State debt under Colin Barnett and the Liberals, WA Labor will responsibly stabilise debt and reduce it over time.

Only WA Labor have a comprehensive plan to pay for its promises and get the State Budget back on track, finding the right balance between reinvigorating the economy, building METRONET and creating jobs, and delivering sound financial management.

Former WA Assistant Auditor General, Professor David Gilchrist, and former WA Public Service Commissioner, Adjunct Professor Michael Wood, agreed to work independently to assess and critique WA Labor's costings.

WA Labor have announced a number of new savings measures and important ongoing new revenue streams for the State, including the Foreign Buyers Surcharge on purchases of residential property by foreigners and naming rights agreements for the new Perth Stadium and Perth Arena.

Comments from Shadow Treasurer Ben Wyatt:

"WA Labor's financial management plan is the only credible plan to get the budget back on track, without privatising Western Power.

"WA Labor has the fresh approach the State needs to lead Western Australia into the future, with sensible and responsible financial management.

"We won't sell Western Power, once it's gone, it's gone for good and WA will lose its ongoing revenue. What we will do is change the culture of financial management for the better.

"The independent review process by highly respected experts has been the most robust and rigorous costings process by any State Opposition.

"Unlike the Liberals, WA Labor has all its spending commitments, savings measures and assumptions independently verified.

"WA Labor has ensured that all spending decisions across the forward estimates are offset by savings, new revenue or reallocations of existing funding in the budget.

"Over the past eight years, the Liberal-National Government has single-handedly destroyed the State's finances and left Western Australians with a debt that will take years to pay off."

 

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