Richard Court

Richard Court

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    Premier: Budget result good news for WA.

    29/09/2000 3:13 PM
     
    29/9/00


      Premier Richard Court has announced today a substantial improvement in the Budget ‘bottom line’ for the 1999-2000 financial year.

      Mr Court released the new Government Financial Results Report, which compares the final 1999-2000 results with Budget predictions.

      He said that in the 1999-2000 year, the total public sector (which includes Government trading enterprises such as Western Power and the Water Corporation) achieved a net operating surplus of $303 million - a $218 million improvement on the Budget estimate of $85 million.

      The general Government sector recorded a small net operating deficit of $10 million, compared with a Budget-time estimate of a $286 million deficit - a $276 million improvement.

      Mr Court said the turnaround was the result of strong revenue growth, comprising mainly increases in mineral and petroleum royalties, and additional stamp duty from pre-GST conveyancing activity.

      He said in recognition of the higher petroleum royalties, the Government was continuing discussions with Australian car manufacturers and LPG producers and suppliers, to develop an incentive package for people to switch from petrol to LPG - a fuel which does not attract a fuel excise.

      “These final results for the 1999-2000 year are good news for Western Australia, showing that the economy is strong and that the Government is managing the Budget responsibility,” the Premier said.


      “We expect this positive trend will continue.

      “The total public sector is expected to achieve a $304 million surplus this financial year, and the general Government sector is predicted to be $42 million in surplus.

      “Today’s figures show we have a sound basis for achieving these outcomes.”

      The Government Financial Results Report for 1999-2000 also indicates:
      • a $794 million reduction in total public sector net debt from Budget estimates to an actual outcome of $5 billion; and -
      • a 6.3 per cent, or $574 million, increase in general Government revenue collections which is partially offset by an increase in expenditure of $298 million, or 3.1 per cent, higher than forecast.

      Mr Court said the increase in expenses included the key areas of health, education, police and roads.

      Initiatives which benefited included:
      • childhood immunisation, flu vaccination and Hepatitis C control and HIV/AIDS programs;
      • additional police resources deployed to outlaw motorcycle club activities, forest disputes and cyclone emergency management coordination activities;
      • computers, security systems and transportable classrooms for schools;
        and -
      • the opening up and reinstating of road networks following unusually severe cyclones and rain storms during the year.

      The Government Financial Results Report (GFRR) is a requirement under the Government Financial Responsibility Act 2000.

      This is the first GFRR produced by the Government and it is in the same format as the 2000-01 State Budget, reflecting the Australian Bureau of Statistics accrual Government finance statistics standards.

      Copies of the report are available from State Treasury on (08) 9222 9340 or on http://www.treasury.wa.gov.au