WA has once again helped in keeping the nation afloat with its mining investment being one of the only positive stories from the most recent economic statement released by Josh Frydenberg and Finance Minister Mathias Cormann.
Australia will see its debt from COVID-19 plunge into levels not seen since World War 2 with a $200 billion fiscal black hole, however the recent economic statement has confirmed that WA’s mining investment grew 4% for 2019-20 and is forecast to grow 9.5% in 2020-21.
“that’s the harsh reality of this pandemic. The coronavirus has required the Government to spend unprecedented amounts of money to support people in need,” Said Mr Frydenberg.
In the October 6th budget, an Economic and Fiscal Update will contain the figures for both 2019-20 and 2020-21, a two year period rather than the normal four year estimate period, as well as both the policy decisions since MYEFO and the impact of the COVID-19 pandemic on revenue, expenditure and the budget bottom line over two years.
“Our announced measures, together with large declines in taxation receipts, has seen a hit to the bottom line, but this has been necessary in order to cushion the blow for millions of Australians, and to keep businesses in business and keep Australians in jobs,” Said Mr Frydenberg.
This is a brief summary of the article ‘Budget in ‘war zone’ but WA shines bright’ by Lanai Scarr | The West Australian | Thursday 23rd July 2020.