• 2016-17 Government Mid-year Financial Projections Statement (or Mid-year Review)

    The 2016-17 Government Mid-year Financial Projections Statement (or Mid-year Review) updates the economic assumptions and financial projections detailed in the State Budget that was presented to the Legislative Assembly on 12 May this year.

    The 2016-17 Mid-year Review shows that:

    • Economic growth is forecast to remain positive in 2016-17, but to slow to 1%, down slightly from the 1.25% growth forecast in the 2016-17 Budget, and primarily reflects a more rapid fall in business investment than previously expected and in turn, is flowing through to a softer labour market.
    • The general government operating deficit for 2016-17 is now estimated to be $3,388 million, a $527 million improvement on the $3,914 million deficit forecast in the May Budget.
    • This improvement predominantly reflects higher iron ore prices, partly offset by weaker than expected payroll tax and transfer duty revenue and the expected delay of Commonwealth funding for key road projects.
    • The revenue benefit of higher iron ore prices is more than offset by lower GST grants by the end of the forward estimates period, with Western Australia’s GST ‘relativity’ now forecast to reach 0.661 in 2019-20, down from 0.759 forecast in the 2016-17 Budget.
    • Total public sector net debt is now forecast to be $483 million lower at $39.7 billion by 30 June 2020, down from $40.2 billion forecast at Budget time.

    Details of the changes and material to the outlook, and the Government’s response to these challenges, are available in the Mid-year Review. 

    • Full Report  
    • Table and Chart Data - Chapters 123  Appendices 123456  
    Published date: 22 December 2016