Premier Mark McGowan has warned his fellow premiers that Western Australia received’t let its share of GST be eroded, regardless of boasting a multi-billion greenback state finances surplus.
Mr McGowan, who can also be treasurer, on Thursday handed down his third state finances which included a $3.3bn web working surplus for 2023-24.
But in his finances speech, Mr McGowan stated it will be “contemptible and offensive” for his interstate counterparts and commentators to try to undo 2018 reforms to the products and providers tax allocation, which resulted in WA’s share growing to 70c within the greenback.
“Other states will attempt to erode Western Australia’s share of GST in upcoming reviews.
We cannot let that happen. We will not let that happen,” he stated in his finances speech.
He stated he had budgeted for “our very own GST fairness fighters”, a devoted crew inside Treasury to make sure WA stored its rightful share of GST.
Mr McGowan stated WA’s iron ore is delivering an additional $22bn in GST to the opposite states.
“All states and the Commonwealth have benefitted from the efforts WA has put in to grow our resources sector over decades,” he stated.
“Even with the GST floor, WA Australia still continues to receive the lowest GST share in the nation per capita, by a long, long way.”
Mr McGowan stated he “took comfort” in assurances from Prime Minister Anthony Albanese and federal Treasurer Jim Chalmers that there wouldn’t be any modifications to the settlement, which can see the ground raised to 75c in 2024-25.
“It’s a red line that should not be crossed by any future federal government.”
Reward for Western Australians
Mr McGowan stated Thursday’s state finances was additionally paying again voters who had resoundingly returned his Labor authorities two years in the past.
He introduced one other $400 electrical energy rebates for WA residents, on high of the $350 power invoice help introduced by the federal authorities on Tuesday night time.
“In March 2021, Western Australians voted to stay the course … this budget is about repaying the faith Western Australians placed in our government,” stated Mr McGowan.
“Amid the rugged economic conditions worldwide, Western Australia walks tall.”
In the yr to March, WA generated $272bn in exports – up 13 per cent.
That determine has been propelled by the worth of iron ore, which was sitting at $US106.85 ($A158.25) on Thursday.
Other key takeaways from the WA finances embrace web debt falling to $27.9bn, down from a forecast $31.1bn, however that can also be tipped to rise as much as $35.9bn in 2026-27.
The web working surplus for 2022-23 additionally got here in a $4.1bn, up from a forecast $1.8bn in December.
A $715m value of dwelling reduction package deal will see WA residents profit from a $400 electrical energy credit score, on high of a $350 federal authorities power rebate introduced in Tuesday night time’s finances.
While about 90,000 small companies who use as much as 50MWh of energy per yr might be eligible for a $650 credit score.
It’s the McGowan Labor authorities’s seventh finances, sixth consecutive with a surplus.
Source: www.perthnow.com.au
