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Economic Assumptions. Economic Growth Gross State Product, Western Australia. Financial Outlook Forecasts. (a) Commonwealth Budget papers (b) Total non-financial public sector (c) As defined by Standard & Poors. 2011-12 Revenue. Financial Outlook National Pool and GST Grants. - PowerPoint PPT Presentation

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  • Economic Assumptions

  • Economic GrowthGross State Product, Western Australia

  • Financial OutlookForecasts(a) Commonwealth Budget papers (b) Total non-financial public sector (c) As defined by Standard & Poors

  • 2011-12 Revenue

  • Financial OutlookNational Pool and GST Grants

  • Financial OutlookGST Grants

  • Royalties Redistribution

  • Financial Outlook Total Duty on Transfers, Western Australia

  • Financial ResponsibilityOperating Position and Cash Position

  • Financial ResponsibilityNet Debt(a) and Net Financial Liabilities(b)(a) Total public sector (b) Total non-financial public sector

  • Financial ResponsibilityNet Interest Cost as a Share of Revenue(a)33% GST Scenario(a) Total non-financial public sector

  • Asset Investment Program

  • Asset Investment Program2011-12

  • Increased AccountabilityDisciplined Financial Management4.6% increase in charges for a representative householdElectricity tariffs (5%)Current subsidy costs $1.1 billionFreezing tariffs would increase the subsidy to $3 billionWater charges (8.5%)No change in:drivers license feescompulsory third party insurance premiumsmotor vehicle recording feesTransperth 50 cent student fees orstamp duty on insurance premiums

  • Increased AccountabilityDisciplined Financial Management$3.5 billion package of new measuresPhased alignment of the iron ore fines royalty rate (currently 5.625%) to the 7.5% iron ore lump rate ($1.9 billion)5% efficiency dividend on GTEs ($515 million)Targeted review of low priority programs ($300 million)Deferred infrastructure spending ($541 million)These measures build on previous efficiency dividend savings ($1.46 billion over four years out of a target of $1.6 billion)Additional savings from procurement and State Fleet ($280 million over four years)

  • Increased AccountabilityDisciplined Financial ManagementExpenses up $1.8 billion (or 7.9%) in 2011-12Expense growth moderating down from average of 10.9% over previous three yearsGovernment has restricted growth in number of full-time equivalent public servants to 1.7% in 2011-12Funding a further 400 voluntary separations bringing total number of separations to over 1,200, for savings of $57 million per year

    19 May 2011

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