- Western Australia records strongest domestic economic growth in the country
- The State’s domestic economic growth was 3.7 per cent in year-ended terms
- Household spending and dwelling investment grew by 0.8 per cent and 4.2 per cent respectively in the June quarter – with growth in both, the strongest in the country
- Western Australia’s domestic economy has grown faster than any other State economy since the onset of COVID
The June quarter State Final Demand (SFD) data released today shows the resilience of the Western Australian domestic economy, which grew by 3.7 per cent between June quarter 2022 and June quarter 2023 – the strongest in the nation.
By comparison, growth in the national domestic economy was 2.2 per cent in yearended terms; while the next best performing state was Queensland, which recorded growth of 2.9 per cent.
WA household consumption grew by 0.8 per cent in the June quarter – the strongest growth of any State or Territory. Household spending has grown in each of the past 12 quarters, since June quarter 2020 COVID period – the only State which has experienced consistent positive growth over the period.
Dwelling investment was another highlight in the June quarter, expanding by 4.2 per cent – also the strongest in the nation. Growth in the quarter was underpinned by spending on the construction of new dwellings. Encouragingly, dwelling investment has now grown over the past three quarters.
The WA domestic economy has now grown by a cumulative 16.5 per cent since the onset of COVID – the strongest growth of any State, and stronger than national growth of 11.1 per cent over the same period.
Growth during this period has been underpinned by household spending and business investment, which made stronger contributions than in most other jurisdictions. Overall, household spending has grown by 9.2 per cent since the onset of COVID and business investment has increased by 23 per cent.
The strong contributions made by the household and business sectors, demonstrate that the strong decisions made by the Government, through the pandemic have paid off in a big way.
As stated by Treasurer Rita Saffioti:
“Today’s national accounts data, highlights the continued strength of Western Australia’s domestic economy, and its resilience through the COVID crisis.
“The strength of household spending and business investment over the period of the COVID crisis, and continued growth in the June quarter, show a real vote of confidence in the Government’s management of the economy through the crisis and its on-going management now.
“Our Government recognises that strong economic growth is essential to Western Australia – it underpins everything else we do – including job creation, investing in infrastructure, and key services, and improving standards of living.”
