And in other news, WA Labor has revealed its election promises would total $3.4 billion, increasing net debt by almost $500 million dollars over the current forward estimates period.
The treasury-assessed figures show net debt would rise to almost $41 billion at the end of the forward estimates, slightly higher than had been forecast in 2024.
On Wednesday, WA Treasurer Rita Saffioti staunchly defended Labor’s handling of the state’s finances when grilled about how she justified net debt reaching levels she criticised while in opposition, pointing out the figure was still $2.7 billion lower than forecast by the previous government.
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She also highlighted that the party had been able to reduce debt while delivering $62 billion in infrastructure and its election commitments.
The treasurer lauded WA’s triple-A credit rating from both Moody’s and S&P Global as evidence of its credibility and pointed out the state would still have the lowest net debt as a share of gross state product of any jurisdiction in the nation.
And she played down concerns about figures that pointed to a slowing down in the state’s economy, attributing the figures to a conservative budgeting system — particularly when it comes to commodity prices.
Under treasurer Michael Barnes considered the party’s costings across almost 200 commitments to be “reliable” and did not uncover any significant differences.
But opposition leader Shane Love claimed the agency was running the ruler over commitments using figures inconsistent with those Labor had announced publicly, with promises like the $107 million Metronet on Swan project pencilled in at almost one-quarter of the price.
Love accused WA Labor of an “egregious” attempt to mislead WA voters over discrepancies it claims to have uncovered between the party’s public promises and those submitted to Treasury.
He demanded Saffioti explain discrepancies he claimed totalled $2 billion while raising concerns about preferential treatment, concluding the handling of the election costings process further demonstrated the need for an independent Parliamentary Budget Office.
Figures collected by WAtoday have Labor’s election commitments as delivered to the public at more than $6 billion.
Saffioti explained the list of commitments only covered the current forward estimates, and did not account for the 2028/29 financial year — which would mark the final year of the next term of government.
WA Labor has been contacted for comment.
Saffioti had used the briefing to launch another attack on the WA Liberal Party, which she berated for failing to reveal who was costing election commitments Labor has estimated to be worth $6.3 billion.
The treasurer also claimed the party had crunched the numbers of the commitments of the WA Nationals, which are currently before treasury and which Labor expects to come in at $4.3 billion.
“It is now just a few days before polling day, which everyone knew was going to be March 8, and [The Liberal Party] haven’t done their homework,” she said.
The release of the costings coincided with fresh economic data from the Australian Bureau of Statistics, which showed WA’s economy grew by 3.7 per cent in 2024 – more than double the national rate.