Hon Christian Porter BA(Hons) BEc LLB(UWA) MSc(Dist)(LSE) MLA

Hon Christian Porter BA(Hons) BEc LLB(UWA) MSc(Dist)(LSE) MLA

Former Treasurer; Attorney General

    March quarterly financial results produce surplus

    30/05/2012 12:00 AM
     
    • $888million operating surplus for the 9 months to March 31, 2012
    • $2.4billion infrastructure spend for general Government sector

    The State Government has recorded an operating surplus of $888million for the nine months to March 31, 2012, Treasurer Christian Porter announced today.

     

    Mr Porter said the WA Quarterly Financial Results Report, released today, reflected the strong economic management of the Liberal-National Government.

     

    “The year-to-date results are consistent with expectations for a final operating surplus of $484million for 2011-12 as reflected in the State Budget two weeks ago,” he said.

     

    “Revenue collections for the remaining quarter of 2011-12 are expected to slow down due to the timing of revenue items - for example, land tax assessments are issued in the first and second quarter of the year so the full year collections have already been received.”

     

    The Treasurer said revenue for the nine months of 2011-12 was $18.9billion, up $1.1billion or 6.2 per cent on the same period last year.

     

    “This increase mainly reflects higher mining royalties this year (up $528million, or 17.9 per cent), as a result of higher production volumes and average prices for iron ore compared to the same time last year,” he said.

     

    General Government sector expenses were $1.36billion or 8.2 per cent higher relative to the same period last year.

     

    “This includes increased funding for Aboriginal and community housing programs, higher grant payments under the Western Australian Natural Disaster Relief and Recovery Arrangement and higher salary costs for key front line services,” Mr Porter said.

     

    Infrastructure spending for the general Government sector for the nine months to March 31, 2012 was up $380million from the same period last year, totalling $2.4billion.

     

    “This spending is largely due to our hospital spending program that is currently under way,” the Treasurer said.

     

    “In particular, works are proceeding on the Fiona Stanley Hospital, the New Children’s Hospital and the Albany Regional Resource Centre.”

     

          Fact File

    • The March 2012 report is available from the Department of Treasury website at http://www.treasury.wa.gov.au
    • Final outcomes for 2011-12 will be available in the Annual Report on State Finances, due for release by September 28, 2012

    Treasurer’s office - 6552 5600