2012-13 Government Mid-year Financial Projections Statement

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2012-13 Government Mid-year Financial Projections StatementPublic Financial CorporationsA surplus of $145 million is forecast for the PFC sector in 2012-13. This outcomecompares with the budget-time forecast of a $190 million surplus, and reflects lowerprojected revenue from insurance premiums. The sector is also expected to achievesurpluses in each of the outyears.Asset Investment ProgramThe State’s Asset Investment Program is estimated at $27.4 billion over the four years to2015-16 (up $1.0 billion since budget), including expenditure of $7.3 billion in 2012-13(down slightly from the budget-time forecast of $7.6 billion).Infrastructure investment is delivering key State-building projects which supportWestern Australia’s growing population and robust economic growth.8$ BillionASSET INVESTMENT PROGRAMGeneral Government Public Corporations ForecastFigure 564202003-04 2005-06 2007-08 2009-10 2011-12 2013-14 2015-1624
Financial Projections2012-13The expected $7.3 billion total public sector infrastructure spend in 2012-13 follows a$6.8 billion spend in 2011-12.Relative to budget-time projections, changes in the program reflect the combined impactof general government sector capital expenditure (discussed earlier in this chapter),and adjustments to the Asset Investment Program of the PNFC sector, including:$69 million for site works and the upgrade of associated network infrastructure at theBoodarie Industrial Estate in South Hedland to facilitate the development of a newpower station by an Independent Power Provider (see ‘Pilbara Generation Capacity’in Appendix 3);$22 million for transport infrastructure to support the New Perth Stadium;$15 million for a new passenger train station, associated minor bus interchange, and a2,000 bay car park at Aubin Grove, along with additional rail car sets;the impact of revised financial estimates on the Western Australian Land Authority’sprogram of land sales, acquisitions and development expenditure, reducingexpenditure by $56 million; andthe impact of revised financial forecasts on Metropolitan Redevelopment Authorityprojects, which includes deferral of capital spending totalling $52 million in 2012-13.Around 57% of the total public sector infrastructure spend in 2012-13 is to be deliveredby the PNFC sector. Like the general government sector, individual agency programswill inevitably be subject to various unexpected scheduling delays by 30 June 2013.Accordingly, the PNFC forecasts include an underspend provision for 2012-13, identicalin magnitude to the general government sector provision discussed earlier in this chapter.The majority of the total public sector infrastructure spend in 2012-13 remains on thegeneral government sector hospital program, and in electricity and water utility projects.25
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2012-13 Government Mid-year Financial Projections Statement

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