URGENT UPDATE: Western Australia’s Treasurer, Rita Saffioti, has just announced new housing funding initiatives as part of the upcoming mid-year review of the State Budget. This revelation comes amid rising concerns over the state’s increasing debt levels, which are projected to soar to $42 billion by 2029.
The mid-year budget review, set to be released this week, highlights a significant $2.4 billion boost to the state’s finances, propelled by soaring iron ore and gold prices. This financial windfall has also led to a surplus exceeding $2 billion. Despite this positive news, Saffioti is defending the state’s current debt trajectory, emphasizing that the new revenue will be strategically invested in infrastructure, particularly in health and housing.
“We are committed to utilizing this additional revenue to fund more hospitals and build more homes,” Saffioti stated, reinforcing the government’s focus on critical infrastructure. The Treasurer confirmed that $1.5 billion is already earmarked for the Building Hospitals Fund, which was announced in November. However, specifics regarding the remaining $900 million allocation remain undisclosed.
Saffioti insists that WA’s net debt, currently standing at $30.2 billion as of June 30, 2025, is sustainable. “Our net debt as a percentage of GSP is the lowest in the nation,” she stated, contrasting the current figures with those from previous administrations. She pointed out that despite significant investments totaling $62 billion over the past eight years, net debt remains $4 billion lower than it was in 2016-2017.
In response to the government’s spending plans, Basil Zempilas, the Opposition Leader, expressed concerns about overspending but acknowledged the necessity for increased funding in health and housing. “It’s interesting that they say that now. They weren’t saying it halfway through the year,” Zempilas remarked, highlighting a shift in priorities.
As the mid-year review approaches, citizens and stakeholders are urged to stay tuned for further announcements on new housing initiatives and how the government plans to allocate the remaining funds. This evolving story is set to impact thousands of Western Australians, making it crucial to monitor these developments closely.
This budget review could reshape the landscape of housing and health services in Western Australia, with potential ramifications for residents and local economies. Keep an eye out for more updates as details emerge.
