Government

Boost for Tourism WA

The state’s net debt will peak at a level $2 billion lower than previously forecast, at $40.9 billion, with Treasurer Ben Wyatt forecasting an operating surplus in the 2021 financial year.

Treasurer Ben Wyatt said today the government was still working on the proposed sale of land registry service Landgate and gaming agency TAB.

State government revenue will be boosted by several policy measures announced today, including increased cost recovery from the mining, maritime and justice sectors, removal of the resource sector’s exemption from a training levy, and an increased levy on foreign property buyers.

The Australian dollar is higher. following a strong lead from US stocks and commodity prices.

Oil prices rose about three per cent on Wednesday and hit fresh three-and-a-half year highs after a bigger-than-expected drawdown in US oil inventories extended gains from the United States' decision to quit a nuclear deal with Iran.

Gold prices dipped on Wednesday as safe-haven buying failed to kick in after the United States withdrew from the Iranian nuclear accord, and as rising US Treasury yields added pressure.

Higher WA property surcharge to hit foreign buyers

Fremantle MP Josh Wilson has triggered a third by-election in Western Australia, after resigning today following a High Court ruling that removed Labor senator Katy Gallagher from parliament.

The Australian dollar is lower, after metals prices fell overnight and Wall Street put in a mixed performance.

Oil prices recouped some losses to end about two per cent lower on Tuesday after President Donald Trump confirmed the US will withdraw from the Iran nuclear deal in a volatile session which saw prices slump as much as four per cent.

The spot gold price is slightly higher following a brief increase on Tuesday after the US dollar backed down from a new 2018 high as worries hovered over the United States' decision to pull out of a key nuclear accord with Iran.

Squeeze on tax deductions to bring in $1.1b

Two by-elections will take place in Western Australia in coming months, after a parliamentary inquiry into scandals involving Darling Range MP Barry Urban recommended his expulsion from parliament.

The Australian dollar is flat despite gains on Wall Street, trading in a tight range with the London Metals Exchange closed for a bank holiday.

Oil prices rose for the fourth straight day to hit levels not seen since late 2014, boosted by the latest trouble for Venezuelan oil company PDVSA and the possibility that the United States could re-impose sanctions on Iran.

$4b tax cut

Gold prices have slipped on Monday, snapping three days of gains as the US dollar index strengthened after last week's soft US jobs data did little to dampen optimism about the world's largest economy.

The Australian dollar has made some small gains on the back of stronger US stocks that were supported by weaker than expected US jobs and wages growth.

Oil prices rose about two per cent on Friday, with US crude hitting its highest in more than three years, as global supplies remained tight and the market awaited news from Washington on possible new US sanctions against Iran.

Gold prices rose slightly on Friday as the US dollar backed off its highs, initially rising after US jobs data was weaker than expected. However the data was still strong enough to support the case for more interest rate increases.

Scomo’s GST election pledge

The state government has announced Fremantle Ports will go to the market to lease the two container shipping terminals at North Quay.

Opinion: The WA and federal governments have plenty at stake when they release their respective budgets.

The Australian dollar is slightly higher as the greenback's rally following the US Federal Reserve meeting runs out of steam.

Oil prices rose on Thursday, boosted by OPEC production cuts and the potential for new US sanctions against Iran, but gains were limited by growing US crude inventories.

Gold prices gained on Thursday, one day after the US central bank reassured investors that increases to interest rates would be gradual and as the US dollar softened, with geopolitical uncertainties also providing support.

Confidence rises but spending still on hold

Programmed managing director Chris Sutherland has talked up WA’s economic prospects, while challenging alarmism about artificial intelligence and labour trends at a Success & Leadership breakfast this morning.

Federal Labor has effectively committed to end live sheep exports with its agriculture spokesman, Joel Fitzgibbon, telling an Adelaide radio station the party does not believe there is a future for the sector.

Less than 1 per cent of businesses paid half of Australia’s corporate tax take in the year to June 2016, according to ATO data, while the financial services and resources industries were the biggest contributors.

The Australian dollar has followed Wall Street lower after the US Federal Reserve indicated that it is on track to raise its interest rate at its next policy meeting in June.