UPDATE: In a bold move, Treasurer Rita Saffioti has announced new funding for housing initiatives as part of this week’s mid-year review of the State Budget, despite ongoing concerns over rising debt levels. With a remarkable $2.4 billion boost to the State’s finances driven by soaring iron ore and gold prices, this announcement comes at a crucial time for residents of Western Australia.
The mid-year Budget review is set to outline details of a projected surplus exceeding $2 billion, yet net debt is projected to hit $42 billion by 2029. Saffioti emphasized that the windfall is crucial for infrastructure development, stating, “We make no excuses for using the additional revenue to fund more hospitals and build more homes.”
A significant $1.5 billion has already been earmarked for the Building Hospitals Fund, which was initially announced in November. While Saffioti has not disclosed specifics about the remaining $900 million, she confirmed that new initiatives will be revealed in the coming days.
Despite facing criticism, Saffioti defended the government’s financial strategy, asserting that WA’s net debt remains sustainable. “Our net debt as a percentage of GSP is the lowest in the nation,” she remarked, referencing data from credit rating agencies Standard & Poor’s and Moody’s, which have endorsed their fiscal approach.
The Treasurer’s statements come as opposition leader Basil Zempilas accused the government of being “addicted to spending.” However, he acknowledged the necessity of increased funding for health and housing, pointing out the sudden prioritization of these issues. “It’s interesting that housing is suddenly a priority,” Zempilas noted.
As the budget review unfolds, residents and stakeholders are eager for clarity on the new housing initiatives and what they will mean for the community. The urgency of addressing housing needs cannot be overstated, especially in light of escalating costs and demand for affordable living options.
Stay tuned as more details emerge from this developing story, which has significant implications for the future of housing and infrastructure in Western Australia.
