Today’s National Account figures have confirmed that Western Australia has the fastest growing economy in the nation with a strong quarter of positive growth.
The growth rate of 0.8 per cent in the June quarter is the State’s highest quarterly growth since 2017, and the highest of any state.
Despite the McGowan Government coming to office with business investment contracting at double digit rates, today’s figures were driven by a 5.7 per cent surge in business investment. This included 20 per cent growth in machinery and equipment investment – the highest quarterly growth rate since 2005.
These figures come on the back a host of other recent strong economic results. Our mineral exploration industry is currently at a six-year high. Growth in business sales is the highest of any state with 3.8 per cent growth in the June quarter, while at the same time WA is the only state with growing construction and retail sectors.
As stated by Treasurer Ben Wyatt:
“Today’s data is very good news for WA. It shows the McGowan Government’s plan is working and the WA economy is once again starting to drive the nation.
“The job is far from done but these are all signs that confidence is continuing to return to the WA economy which is good news for households, business and job seekers alike.
“These results are in stark contrast to the last two years of the previous Liberal National Government which saw State Final Demand decline by 11 per cent or $6 billion.
“This is added to their infamous title of being the only Government to deliver WA a recession.”
