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Last week’s WA budget slipped by as MB went to Adelaide but I’ve revisited it over the weekend to see how Labour has done after years of disastrous mis-forecasting by the Liberals. Here it is:
• After bottoming at just 0.25% in 2016-17, growth in the State’s economy is forecast to recover to 3% in 2017-18. Employment growth is also forecast to recover, with nearly 20,000 jobs expected to be created in 2017-18.
• However, the State’s revenue base remains under considerable pressure, with the general government revenue estimates revised down by a total of $5 billion over the period 2016-17 to 2019-20 since the Pre-election Financial Projections Statement (PFPS).
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.