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Economic Assumptions

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 & Poor’s. 2011-12 Revenue. Financial Outlook National Pool and GST Grants.

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Economic Assumptions

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  1. Economic Assumptions

  2. Economic GrowthGross State Product, Western Australia

  3. Financial OutlookForecasts (a) Commonwealth Budget papers (b) Total non-financial public sector (c) As defined by Standard & Poor’s

  4. 2011-12 Revenue

  5. Financial OutlookNational Pool and GST Grants

  6. $ million 7,000 6,040 5,717 6,000 5,381 5,037 5,000 4,642 LOSS = $12.3 Billion 4,000 3,617 3,000 3,233 3,165 2,497 2,000 1,997 1,000 Equal per capita GST grants Estimated GST grants 0 2010-11 2011-12 2012-13 2013-14 2014-15 Financial OutlookGST Grants

  7. Royalties Redistribution

  8. Financial OutlookTotal Duty on Transfers, Western Australia

  9. Financial ResponsibilityOperating Position and Cash Position

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

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

  12. Asset Investment Program

  13. Asset Investment Program2011-12

  14. Increased AccountabilityDisciplined Financial Management • 4.6% increase in charges for a representative household • Electricity tariffs (5%) • Current subsidy costs $1.1 billion • Freezing tariffs would increase the subsidy to $3 billion • Water charges (8.5%) • No change in: • driver’s license fees • compulsory third party insurance premiums • motor vehicle recording fees • Transperth 50 cent student fees or • stamp duty on insurance premiums

  15. Increased AccountabilityDisciplined Financial Management • $3.5 billion package of new measures • Phased 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)

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

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