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2024-25 Western Australian State Budget

2024-25 Western Australian State Budget

WA Treasurer, Hon Rita Saffioti MLA handed down the 2024-25 Western Australian State Budget on Thursday, 9 May 2024. A $3.2 billion operating surplus is expected in 2023-24 with a $2.6 billion surplus forecast for 2024-25. 

The key measures announced in this year’s Budget include:

  • An additional $762 million in cost of living relief which includes:
    • a $400 electricity credit for all households and small businesses;
    • a $100 boost for the Regional Pensioner Travel Card;
    • WA Student Assistance Payments- $250 available for each high school student and $150 for each kindy and primary school student.
    • free public transport initiatives;
    • capping airfares for regional WA residents.
  • $1.1 billion to boost housing supply and affordability which includes:
    • Reducing stamp duty for first home buyers by
      • Increasing the stamp duty exemption threshold for first home buyers to $450,000; and
      • Increasing the concession threshold to $600,000. This is meant to assist almost 5,000 first home buyers per year and increasing the total saving to up to $15,390 in stamp duty.
      • Introducing the Vacant Property Rental Incentive Scheme – The Scheme provides for $5,000 incentive payments to encourage owners of vacant homes to make them available on the rental market.
  • $3.2 billion to boost health services including more doctors, nurses and beds, initiatives to improve emergency access and reduce ambulance ramping, delivering the Electronic Medical Record Program, and boosting funding for mental health services.
  • $1.3 billion for education and training initiatives, including significant investments in new and upgraded schools, a new swimming safety program, investments in training to grow our construction sector, and providing additional Free TAFE places.
  • $1.8 billion to diversify and set up WA’s economy for the long-term through investments in strategic industrial areas, ports and roads, tourism infrastructure, slashing red tape for businesses, reforming our approvals system and investing in water and power infrastructure to position WA as a global clean energy powerhouse. This includes $53 million to establish a Founders Factory accelerator in WA to support entrepreneurs and start-ups, as well as to continue STEM initiatives and support growth in the State’s space industry and for new exhibits at Scitech.
  • $13.8 billion on port, road, rail and transport infrastructure that will support economic growth and jobs through facilitating trade, reducing congestion and better connecting our State.

The have been no changes to land taxes or payroll taxes in Western Australia in this year’s Budget.

If you would like further information or discuss any of the above in greater detail, contact your Moore Australia advisor.