West Australian Premier Mark McGowan has hailed his state's response to the coronavirus pandemic after confirming a record surplus in the state budget.
Premier Mark McGowan says Western Australia's hard border closures have been vindicated after banking a whopping $5.6 billion, iron ore-fuelled budget surplus.
The state budget predicts a $2.8 billion surplus this financial year to accompany the record 2020-21 outcome, with the finances tipped to remain in the black across the next four years.
Iron ore royalty revenue is expected to peak at an eye-watering $11.3 billion this financial year, despite the price of the steelmaking commodity having plummeted by more than $US100 (A$136) per tonne in recent months.
WA Premier Mark McGowan (pictured) has unveiled whopping $5.6 billion state surplus
Remarkably, the WA economy has grown 5.7 per cent since the start of the coronavirus pandemic - a figure which suggests WA, based on OECD statistics, would be second only to China as the strongest-growing economy in the world.
Mr McGowan, in his capacity as treasurer, on Thursday delivered little in the way of new promises, having already unveiled major health, housing and infrastructure commitments.
He confirmed the government would fast-track its review of a public sector wage freeze which has capped annual increases for teachers and bureaucrats at $1000 for the past four years.
A decision is expected early next year.
The $5.6 billion surplus last financial year dwarfs the previous WA record of $2.6 billion in 2005-06.
Mr McGowan said it reflected his decision to use border closures to shield the state from major outbreaks while allowing the mining industry to continue operating.
Mr McGowan said that the surplus proved that he was right to close the WA borders by delivering economic and social outcomes
'This budget proves that by putting the
