State Budget 2024: Premier Roger Cook promises cost-of-living focus, with electricity credits expected

Premier Roger Cook has promised a cost-of-living focused Budget that spreads around the “fruits” of Labor’s strong financial management – raising expectations West Australians will receive a fourth round of electricity credits. While Mr Cook has remained coy over whether struggling families can expect more power bill relief, The West Australian understands the popular rebates are a headline measure of Treasurer Rita Saffioti’s first Budget. “What you will see… is a government that is solely focused – completely focused – on issues which matter to Western Australians,” Mr Cook told Parliament on Wednesday. “You will see cost-of-living relief. You will see a focus on housing, and you’ll see significant investment in health care. “We’ll make sure that Western Australians enjoy the fruits of a government that continues to manage the finances properly and put Western Australians first.” The West Australian can reveal the Budget also contains $500 million to prepare land for heavy industrial use – such as critical mineral processing and green hydrogen production – at 13 priority locations. The new Strategic Industries Fund will pay for common-user infrastructure such as roads and power, water and gas connections. Latitude 32 in Kwinana will receive an initial allocation of $125 million to open up new blocks in the highly sought-after precinct. A further $40 million has been earmarked to develop industrial land in Karratha, the Peel region, the Goldfields and the South West. The Budget also contains $36.4 million in new measures to slash green tape and speed up approvals for major projects, headlined by new cross-sector “triage teams” inside regulatory agencies. Those teams – at a cost of $14.1 million – will be tasked with providing rapid upfront assessments and reviews of all applications. Just short of $10 million will be put towards boosting staffing levels across the approvals system, with around the same amount used to establish a one-stop online portal for all environmental assessments. “I want my kids to have the same quality job opportunities in resources and energy that Western Australians have today, and my Government is investing to deliver that future for our State,” Mr Cook said. “Our economic strength and natural resources mean demand is running hot for land to set up major job-creating projects, in both our regions and Perth’s industrial heartland in Kwinana. “It will help to lock in WA’s strong economy for decades to come – a downpayment on our kids’ future.” WA has banked five consecutive surpluses – the last three totalling $17 billion – and Ms Saffioti said Thursday’s Budget would hammer home the State’s fiscal firepower in comparison to the east coast. The mid-year review forecast $3.7 billion surplus in the current financial year but stubbornly high iron ore prices are on track to tip an additional $1.3 billion of royalties into Treasury coffers. Net debt was pencilled in at $27.2 billion at the end of June, although the Government has made a habit of delivering better-than-expected numbers in past budgets. “Western Australia continues to dominate the national economic landscape,” Ms Saffioti said. “Importantly, this strength allows us to invest in initiatives like our strategic industrial areas and approvals reform that will continue fuelling economic growth into the future. “These investments will be fundamental to Western Australia becoming a global clean energy powerhouse, and of course, continue creating local jobs for Western Australians.” The enduring strength of the State’s balance sheet has allowed the Government to provide households with three rounds of electricity credits in recent years: $600 in 2020, $400 in 2022 and $400 last year. Another $400 credit in the 2024-25 State Budget would cost in the vicinity of $450 million, lifting the total handed out to families through their Synergy and Horizon Power accounts to just short of $2 billion. Queensland Premier Steven Miles – facing electoral oblivion in October – last week announced $1000 energy credits. While Mr Cook was quick to hose down expectations he would match that level of relief, the Premier has consistently maintained cost of living was a “key priority” in the Budget. The families of school-aged children have already shared in $103 million - $250 for each high school student, and $150 for those in primary school – and the Regional Pensioner Travel Card will be boosted by $100 to $675 from July 1. “The WA Labor Government continues to do everything that we can to keep money in the pockets of local families, workers and seniors,” the Premier said on Wednesday. “And while our economy remains strong, we know that there are Western Australians who do it tough. “I’ve always committed to making sure we keep our economy strong and we support those who are struggling.” Ms Saffioti said she would hand down a “budget for the times” that balanced cost of living relief with growing the economy while also addressing critical shortages in housing and long waiting times in hospital emergency departments and for elective surgeries. The Treasurer – who is also Transport Minister – has repeatedly batted away questions over whether Labor’s flagship Metronet program has sustained another round of cost overruns. The sprawling rail build – which has expanded massively in scope since the $4.8 billion pledge taken to the 2017 election – has already blown out to north of $11 billion. That includes $2 billion in the year to December, an outcome Ms Saffioti has blamed on labour and material shortages as a hangover of the COVID pandemic. Other measures already announced in the lead-up to the budget include $843 million to boost the delivery of social and affordable housing, including through plans to leverage Commonwealth funding to build apartment towers near Metronet stations. The owners of vacant homes will be offered $5000 to place them onto the long-term rental market and apprentices will be paid $1000 at the end of each year of their training in an attempt to keep them on the path to becoming tradies. Infrastructure at Rottnest Island, the Fremantle ferry terminal and Barrack Street Jetty will be upgraded to the tune of $210 million and $64.6 million has been assigned to extending subsidies on regional airfares.