- WA’s place as the economic powerhouse of the nation cemented in State Budget
- State economy grew by 4.7 per cent last year – twice the national rate
- WA continues to produce almost half the nation’s goods exports, generating almost $260 billion for the nation
- Record 1.6million Western Australians now in work, with more than 300,000 jobs created since 2017
- $1.8 billion to diversify the economy, create future jobs and set up WA for the long term
Western Australia’s economy is powering ahead under the Cook Labor Government, with the 2024-25 State Budget confirming WA continues to lead the nation – while delivering a multibillion-dollar funding boost to set up WA’s economy for the long term.
The State economy continues to fire on all cylinders, with the 2024-25 State Budget showing the domestic economy expanded by 4.7 per cent in 2023 – the strongest of any state or territory and more than twice the pace of national growth.
In 2023-24 the domestic economy is expected to accelerate further with State Final Demand to grow by 5.25 per cent – up from 3.9 per cent in 2022-23.
The expansion is underpinned by the strong confidence of businesses in WA, with an expected 13.25 per cent increase in business investment this year, the highest in over a decade, as well as the Cook Government’s record $10.6 billion infrastructure investment.
Over the past five years, Western Australia has accounted for more than 20 per cent of national economic growth, almost double its population share, while goods exports accounted for almost half of national exports over the year to March 2024, generating almost $260 billion in wealth for the nation.
The strength in the economy is driving record employment, with the State’s total employment at a record of more than 1.6 million people, and the State’s unemployment rate in March dropping to just 3.4 per cent, the lowest of all States.
Since coming to office, the WA Labor Government has overseen the creation of more than 300,000 jobs, including 210,000 since 2021 – smashing its election pledge of 125,000 by 2025.
The strong labour market is supporting real wage growth, with WA’s wage price index growing by 4.7 per cent in year-ended terms in 2023, the fastest growth since June 2012.
Latest data shows the strong economy and abundant job opportunities have seen WA’s population expand by almost 94,000 people in the year to September2023, equivalent to the size of Karratha and Bunbury combined.
WA’s domestic economy is forecast to grow at around 3 per cent per annum over the next four years, including 3.25 per cent in 2024-25. Gross State Product is expected to remain steady at 2 to 2.25 per cent in the outyears as export volumes level off, with producers operating at close to capacity.
The Cook Government is committed to locking in WA’s economic success for the long term, with the 2024-25 State Budget delivering $1.8 billion to diversify the economy and position WA into a clean energy powerhouse.
That includes a new $500 million Strategic Industries Fund to unlock industrial land across the State and help attract major job-creating projects to WA.
The Cook Government is also investing in economic infrastructure like WA’s ports to facilitate new industries, boosting funding for tourism infrastructure around WA, slashing red tape for businesses and reforming WA’s approvals system.
The State Budget also delivers a $1.3 billion boost for education and training, including Fee Free TAFE, to train Western Australians for the jobs of the future.
As part of the 2024-25 State Budget, WA’s economic strength and the Cook Government’s responsible financial management are supporting a $762 million investment in cost-of-living relief delivering record assistance to WA families, a $1.1 billion new investment to boost housing supply and affordability, and a record $3.2 billion investment for the health system, delivering more beds, more nurses and improving patient access to care.
For more information, visit https://www.ourstatebudget.wa.gov.au.
As stated by Premier Roger Cook:
“Our strong economy and responsible financial management means we have the capacity to respond to challenges and invest in WA’s future.
“This Budget is about doing what’s right for WA: delivering cost of living relief, boosting housing supply, creating the local jobs of the future, investing in our health system and building major infrastructure for our growing population.
“I want to make sure our economy stays strong for generations to come and that our kids have jobs for the future – which is why we’re investing to diversify our economy and position WA as a global clean energy powerhouse.”
As stated by Treasurer Rita Saffioti:
“Western Australia’s economy continues to fire on all cylinders, consistently outperforming all other states and territories and doing the heavy lifting when it comes to generating wealth for our nation.
“Our State’s prosperity and the huge amount of job opportunities have attracted a record number of people to the State, with more Western Australians in work than ever before, despite higher interest rates and mounting global uncertainties.
“Businesses are confident, with the highest increase in business investment in over a decade, supported by our Government’s record $10.6 billion infrastructure investment in 2023-24 to meet the demands of our growing population. Household spending is also running at the strongest rate in the nation.
“This incredible economic activity and strong financial management allows us to continue investing in what matters to Western Australians, with a record cost-of-living package for households, additional investment in health and housing, plus another boost for education and training.”
