PREMIER Mark McGowan says WA’s Budget position is now the worst it has been since the Great Depression as sinking revenues and a flat economy monster the State’s finances.
The Premier this morning said he had been losing sleep over the condition of the budget after a fresh $1.2 billion write down in forecast revenues blew out the State’s unprecedented debt and deficit levels.
As a consequence of the fiscal situation, the State Government will not hand down its first Budget until September 7 in a bid to give it more time to find “repair measures”.
In the meantime, the Government said it will have to introduce a Loan Bill to borrow more money as its first legislative priority.
During a warts and all briefing today, Mr McGowan, Treasurer Ben Wyatt and Under Treasurer Michael Barnes laid bare the full extent of WA’s Budget crisis.
After being forecast to hit $41 billion by 2019-20, Treasury now expects the State’s debt will reach $42.3 billion by the end of the forward estimates.
Source: Budget update: Premier Mark McGowan reveals ‘grim’ state of WA’s finances | Perth Now
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