- New State Final Demand data shows WA remains the powerhouse of the nation
- September quarter domestic economic growth the strongest in the nation at 2.4 per cent
- Business investment and household spending also continue to lead the nation
- WA the only State economy to have grown in every quarter since June 2020
Western Australia’s economy continues to power the nation, with data released today by the Australian Bureau of Statistics showing the State’s domestic economy grew up 2.4 per cent in the September quarter becoming 5.5 per cent larger than it was this time last year.
Notably, this is by far the strongest rate of growth in the country and more than double the growth in national domestic economic activity at 2.2 per cent.
In dollar terms, the State’s domestic economy expanded by $1.6 billion in the September quarter, accounting for more than 50 per cent of the national increase of $3.1 billion.
Between the September quarter 2022 and September quarter 2023, Western Australia’s economy contributed almost 30 per cent of the total national growth.
In a huge vote of confidence by the business sector, business investment in the September 2023 quarter increased by 8.8 per cent the largest in the nation and is up 16.8 per cent compared to the same quarter last year.
Spending by WA households continues to hold up, supported by high household incomes and a strong labour market, with retail spending growing 0.7 per cent in October, which is also the strongest growth of all States compared to a small decline of 0.2 per cent nationally.
Retail trade numbers for October further highlight the strength of WA’s domestic economy, with the level of nominal retail trade reaching a new monthly record of more than $4 billion in October 2023, and the highest value in three-monthly terms to the end of October, exceeding $12 billion for the first time.
Another key factor driving WA’s economy is the Cook Government’s record investment in infrastructure including METRONET, major road projects and new energy infrastructure to help decarbonise the State’s economy, with Government investment in the September 2023 quarter growing by 15.9 per cent, relative to the September 2022 quarter.
Western Australia’s economy has grown by a cumulative 18.6 per cent since the pandemic, which is by far the strongest growth of any other jurisdiction and 60 per cent higher than national growth of 11.4 per cent. WA is also the only State economy to have grown in every quarter since June 2020.
As stated by Treasurer Rita Saffioti:
“These are an incredible set of numbers for Western Australia and highlights the continued resilience and growing strength of our economy.
“WA had by far the strongest domestic economic growth in the nation, most notably 5.5 per cent growth in year ended terms – more than double that of any other State and the national average.
“Across all measures, we are leading the country, which shows Western Australia continues to be the engine room of the nation’s economy.
“Our growth since pre-COVID is now at 18.6 per cent the strongest growth of any jurisdiction over the same period and significantly higher than the 11.4 per cent growth nationally.
“Our Government has put in a lot of time and effort to protect and enhance the Western Australian economy, particularly during COVID and we’re now seeing incredible results with strong economic growth and record employment levels.
“These results come on the back of strong business investment, which picked up significantly in the 2023 September quarter to be 16.8 per cent higher than the 2022 September quarter.”
