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Revenue rockets in boomtime budget
Revenue rockets in boomtime budget 9 September 2021 Matthew Hughes Article by: Matt McKenzie, Journalist Source: Business News September 09, 2021 An iron ore windfall and a world-beating economy have meant state revenue will smash expectations by $6.7 billion, with spending prioritised in health, housing and climate action. Premier Mark McGowan earlier this year. Photo: David Henry An iron ore windfall and a world-beating economy have meant state revenue will smash expectations by $6.7 billion, with spending prioritised in health, housing and climate action. When the previous state budget was released this time last year, the government had predicted it would earn $34.1 billion in revenue in the 2020-21 financial year, and $31.6 billion for this financial year. But numbers today show the huge impact of an iron price which has eclipsed $US 200 per tonne, backed up by a strong economy with low unemployment. In the year to June, the government pocketed $40.2 billion in total revenue. That was a whopping 25 per cent increase on the prior year. For the year ahead, the budget papers estimate $38.3 billion of revenue, which will be $6.7 billion higher than the forecast at this time last y
Article by: Matt McKenzie, Journalist Source: Business News September 09, 2021 An iron ore windfall… Read Article