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Treasurer Ben Wyatt MLA has delivered the 2020-21 State Budget.
Job creation is
the focus for the coming year, with the announcement of record infrastructure spending
of $27 billion and a further $7.5 billion for regional infrastructure projects.
decline in government revenue of $1.7 billion, the higher than expected iron
ore price allowed WA a small surplus of $1.66 billion.
house price fell by 2.5 per cent in 2019-20. Budget estimates predict a
small increase of 0.7 per cent in 2020-21, and an increase in 1.8 per cent in
2021-22. The WA Government predicts an increase in migration in 2022-23 that
will contribute to a significant increase in the median house price of 4.1 per
cent and a further 4.3 per cent increase in 2023-24.
investment fell by 13.1 per cent in 2019-20, but is forecast to lift by 0.75
per cent in 2020-21 and a further increase of 13.25 per cent is predicted in
2021-22, followed by a sharp decline of 17 per cent in 2022-23 as government
stimulus measures come to an end.
There have been
no changes to the rate of transfer duty for 2020-21.
duty increased by 20.3 per cent (or $224 million) in 2019-20, primarily due to
several high-value commercial property transactions but is forecast to decline
by 5.3 per cent (or $70 million) in 2020-21.
Lower duty in
2020-21 reflects an expected return in the total value of high-value commercial
property transactions to more normal levels, and a tapering-off of dutiable
residential transactions in the second half of the year in both the established
house and land markets, as restrictions on international migration dampen
demand and the State and Commonwealth housing construction stimulus measures
is expected to persist through the first half of 2021-22, with total transfer
duty forecast to decline by a further 3.2 per cent over the financial
year before recovering in the outyears, in line with a gradual recovery in
migration and improved labour market conditions.
duty is expected to grow at an annual average rate of 12.8 per cent in 2022-23
and 2023-24. Notwithstanding this, total transfer duty in 2023-24 is still
projected to be around 20 per cent lower than at the height of the most recent
property cycle in 2013-14.
Government has made no changes to the dutiable rate of land tax for 2020-21.
Total land tax
collections are forecast to decline by $22 million (or 2.5 per cent) to $857
million in 2020-21 due to a fall in taxable land values across WA. This follows
a $17 million (or 1.9 per cent) fall in 2019-20.
Owner Duty Surcharge will remain at seven per cent for 2020-21.
Owner Duty Surcharge generated $19 million in revenue in 2019-10. This is
predicted to remain steady, in 2021-22 increasing to $25 million in 2023-24.
There has been
no change to the rebate for off-the-plan purchases above the initial extension
that saw the rebate extended for purchases of for contracts entered into
between 4 June 2020 and 31 December 2020 for a unit or apartment that is
already under construction.
The original is
available to owner-occupiers and investors who enter a preconstruction contract
between 23 October 2019 and 23 October 2021 to purchase a residential unit or
apartment in a multi-tiered strata scheme.
has committed $2.3 million to simplify the approvals process within local
government. This will coincide with significant planning reforms.
medium size business will benefit from the previously announced increase in the
threshold for the exemption of payroll tax to $1 million. This will see 300
business exempted from the tax all together, while a further 11,000 companies
will see their tax bill reduced. For more information, please contact REIWA Advocacy at [email protected] or on 9380 8241.