- 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 1.6 million 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 September 2023, 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.
Comments attributed to 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."
Comments attributed to 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."
