WA to deliver surplus budget despite pandemic payments on back of iron ore price rise
4 years, 3 months ago

WA to deliver surplus budget despite pandemic payments on back of iron ore price rise

ABC  

The WA Government has reported a $1.7 billion budget surplus for 2019-20 despite the economic toll of the COVID-19 pandemic, with the State Opposition labelling it "unacceptable" and urging the Government to spend more to help struggling households. Key points: WA will spend $5.5 billion on a COVID recovery plan However a higher-than-expected iron ore price boosted the budget It is set to record a $1.7 billion budget surplus next month The WA Government's Annual State Finances report showed a $920 million hit to the $2.6 billion general government budget surplus forecast in December. "I believe a lot of West Australians would be really concerned and going: 'Why is the Government delivering these types of budget surpluses at a time when there are so many people struggling?'" Iron ore sales drive royalties The budget surplus was helped by $945 million more than expected in royalty income, primarily due to higher-than-expected iron ore prices which averaged US$92.9 per tonne throughout the year — 26 per cent above the Government's predictions.

Government Budget State Covid Billion Wyatt Ore Surplus Despite Pandemic  state  price  surplus  support  rise  ore  economic  budget  billion  payments  covid19  deliver  governments  wyatt  despite  pandemic  wa  iron

History of this topic

Minnesota’s budget surplus grows to a projected $2.4 billion, fueling debate over spending
1 year, 2 months ago

Minnesota’s budget surplus grows to a projected $2.4 billion, fueling debate over spending

Associated Press  

ST. PAUL, Minn. — Minnesota’s budget surplus has grown to a projected $2.4 billion, and that’s already fueling the debate over spending and taxes ahead of the 2024 legislative session. A report from Minnesota Management and Budget this week said the state ended its previous two-year budget cycle with a balance around $820 million higher than estimated when the session …

WA Budget 2023: Mark McGowan's third budget delivers another massive surplus for WA
1 year, 7 months ago

WA Budget 2023: Mark McGowan's third budget delivers another massive surplus for WA

ABC  

Western Australia's position as the nation's strongest economy remains unchallenged, after Premier and Treasurer Mark McGowan handed down another massive budget surplus of $4.2 billion for the current financial year. Key points: Mark McGowan has delivered his third budget as WA treasurer WA will see a net operating surplus of $3.3 billion in 2023-24 The state's net debt will be …

CM asserts that 293 of the 390 Budget announcements made last year have been implemented
1 year, 10 months ago

CM asserts that 293 of the 390 Budget announcements made last year have been implemented

The Hindu  

Dismissing Opposition allegations, Chief Minister Basvaraj Bommai on Friday asserted that 293 of the 390 Budget announcements made last year had been implemented. Replying to the debate on the State Budget in the Legislative Council, the Chief Minister said 90% of the Budget expenditure would be spent by the end of this financial year. “Going by the current tax collection, …

Walz touts opportunities from massive $17.6B budget surplus
2 years ago

Walz touts opportunities from massive $17.6B budget surplus

Associated Press  

ST. PAUL, Minn. — Minnesota lawmakers learned Tuesday they will head into the 2023 legislative session with a massive $17.6 billion projected budget surplus, and Gov. “The golden opportunity that we have to make Minnesota an even better and fairer and more inclusive and more prosperous state is there,” Walz said after the state budget agency released the new forecast. …

Health spending and cost of living major focus of Mark McGowan's WA budget
2 years, 7 months ago

Health spending and cost of living major focus of Mark McGowan's WA budget

ABC  

Premier Mark McGowan's second budget as Treasurer has delivered another significant surplus and some relief for households, but few surprises. Key points: The $5.7 billion surplus is slightly less than last year The $400 power credit will cost the state $445 million A total of $2.5 billion will be spent on health and mental health After a record-high $5.8 billion …

Already-huge Minnesota budget surplus grows to $9.25 billion
2 years, 9 months ago

Already-huge Minnesota budget surplus grows to $9.25 billion

Associated Press  

ST. PAUL, Minn. — Minnesota’s already-huge budget surplus has become even more enormous, growing to a projected $9.25 billion, the Walz administration announced Monday as they cautioned that inflation and Russia’s invasion of Ukraine pose some significant risks to the optimistic outlook. While MMB Commissioner Jim Showalter told reporters the state is seeing a “significant improvement” in revenues from the …

Newsom proposes $2.7 billion to expand COVID-19 response efforts
2 years, 11 months ago

Newsom proposes $2.7 billion to expand COVID-19 response efforts

LA Times  

California’s COVID-19 response would be boosted under Gov. California would spend $2.7 billion on new efforts to respond to the surge in COVID-19 cases, including additional testing capacity and assistance to hospitals, under a budget proposal Gov. “Our proposed COVID-19 Emergency Response Package will support our testing capacity, accelerate vaccination and booster efforts, support frontline workers and health care systems …

Minnesota budget officials project huge $7.7 billion surplus
3 years ago

Minnesota budget officials project huge $7.7 billion surplus

Associated Press  

ST. PAUL, Minn. — Minnesota officials will release an updated budget forecast on Tuesday that’s expected to show further improvements and set the stage for the 2022 legislative session. This will be the first major revenue-and-spending forecast since projections from Minnesota Management and Budget in February, when an anticipated $1.3 billion deficit due to the pandemic swung to a $1.6 …

WA Budget surplus set to reach record $5 billion as iron ore price shields coffers from COVID hit
3 years, 7 months ago

WA Budget surplus set to reach record $5 billion as iron ore price shields coffers from COVID hit

ABC  

West Australian Premier Mark McGowan is poised to deliver a record budget surplus of about $5 billion at a time when governments across the world are awash with debt and deficit. Key points: A rally in iron ore prices since March could deliver WA an extra $2 billion The surplus is more good luck than good management, the opposition says …

WA's built a big budget surplus amid the COVID-19 pandemic, now the question is how to spend it
4 years ago

WA's built a big budget surplus amid the COVID-19 pandemic, now the question is how to spend it

ABC  

In the coming days Western Australia will predict a surplus of $2.2 billion in 2020-21, almost double what was anticipated when the state budget was handed down just three months ago. End public sector wage cap, doctors say Western Australia's medical community has called for the surplus to be used to help end the $1,000 cap on public sector wage …

WA Budget in surplus as economy continues to reap mining riches despite pandemic
4 years, 2 months ago

WA Budget in surplus as economy continues to reap mining riches despite pandemic

ABC  

Bumper iron ore royalties have helped Western Australia forecast a budget surplus of $1.2 billion this financial year, despite the economic impacts of the COVID-19 pandemic, with Treasury anticipating the state's hard border will be down sometime between April and June next year. Key points: WA is forecasting budget surpluses for the next four years The centrepiece of the Budget …

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion
4 years, 2 months ago

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion

ABC  

Billions of dollars in fast-tracked tax cuts and younger worker wage subsidies underline the Federal Government's budget recovery pitch, as Australia's recession sends debt and deficits to record levels. Key points: Debt and deficits are set to hit record highs as coronavirus savages the economy Debt and deficits are set to hit record highs as coronavirus savages the economy Businesses …

Discover Related