❓ Treasurer Wyatt responds to a question about WA's economic performance, highlighting positive growth in state final demand, business investment, and mineral exploration, while criticising the previous government's economic record.
AnsweredQoN 725Legislative Assembly
QuestionView source ↗
STATE ECONOMY
725. Mr D.R. MICHAEL to the Treasurer:
I refer to the McGowan Labor
government's commitment to getting the economy back on track by
providing confidence to business and creating more local jobs. Can the
Treasurer update the house on what the national account figures for the June
quarter show about this government's commitment to supporting business,
and how we compare with the rest of the country?
725. Mr D.R. MICHAEL to the Treasurer:
I refer to the McGowan Labor
government's commitment to getting the economy back on track by
providing confidence to business and creating more local jobs. Can the
Treasurer update the house on what the national account figures for the June
quarter show about this government's commitment to supporting business,
and how we compare with the rest of the country?
AnswerView source ↗
I thank the member for Balcatta for
that very, very good question. Over the last couple of weeks, there has been
good data coming out about Western Australia on a range of fronts. One of the
areas that I was very pleased to see, with the release of today's
national accounts, was state final demand in Western Australia—our
domestic economy. That highlighted that WA SFD grew by 0.8 per cent in the June
quarter—that is the highest growth of any state in Australia. It is a very
good result for Western Australia. Importantly, this is on the back of very
good growth in business investment of 5.7 per cent, which is the highest level
since 2016. I remind members that when we came into government, business
investment had been contracting in double-digit rates. Importantly, it is the
highest quarterly growth in machinery and equipment investment since 2005.
Consumption growth defied forecasts and grew by 0.3 per cent in the quarter.
The Minister for Mines and Petroleum would know about this. There are some
quite extraordinary numbers coming out; indeed, if it were not for the mining
and petroleum sector of Western Australia, I suspect my good friend Josh Frydenberg
would have some numbers that he would choke on! Mining and petroleum
exploration is surging; we are at a six-year high. About two-thirds of all
exploration in Australia is taking place in Western Australia.
Mrs L.M. Harvey interjected.
Mr B.S. WYATT : What was that,
Leader of the Opposition?
Mrs L.M. Harvey : What is
state final demand on trend?
Mr B.S. WYATT : It is
interesting that I get that interjection from the Leader of the Opposition,
because I make the point that in the last two years of the former government,
state final demand collapsed by 11 per cent.
Mrs L.M. Harvey interjected.
The SPEAKER : Leader of the
Opposition, you asked the question.
Mr B.S. WYATT : While the
Leader of the Opposition, who did not even know where state final demand went,
sat on this side of the house, state final demand collapsed. At no point while
the Leader of the Opposition was a minister did state final demand grow. The only
time that the Leader of the Opposition has seen growth in state final demand is
while we have been in government. All the Leader of the Opposition needs to do
is thank us for the work that we are doing.
Mineral exploration is at its
highest level since 2013, and growing at 20 per cent a year. Petroleum
exploration is at its highest level since 2016; it grew 131 per cent in the
June quarter. Business sales are up, with growth of 3.8 per cent in the June
quarter—again, the highest growth of any state. WA is the only state to
record growth in retail trade in July; it is up by 0.6 per cent. Again, WA is
the only jurisdiction in Australia to record an increase in total construction
work in the June quarter. WA had the highest growth of the states in private new
capital expenditure in the June quarter. Building approvals are up 5.8 per
cent.
I want to remind the Leader of the
Opposition, who I suspect pulled out the dictionary this morning and looked up
state final demand, that during the time she sat on this side of the house in
2013–14, state final demand shrank. This is the reality of the Leader
of the Opposition's record. The Leader of the Opposition talks about it
now, but this is what the former government did: it shrunk 1.3 per cent in 2013–14;
it shrunk 2.2 per cent in 2014–15; it shrunk 4.7 per cent in 2015–16;
and it shrunk 7.1 per cent in 2016–17. The former government gave the
state the only recession we have on record! That is why, during that second
term of the Barnett Liberal government, not one job was created in Western Australia.
We lost jobs! We shed jobs! We are very proud, having picked up the mess that
the Leader of the Opposition left us—destroyed the domestic economy and
then destroyed the overall economy in 2016–17—we are growing
again, we are creating jobs again, and business and consumers are more
confident now than they have been in at least five years. This is good news for
Western Australia and good news for Western Australians.
that very, very good question. Over the last couple of weeks, there has been
good data coming out about Western Australia on a range of fronts. One of the
areas that I was very pleased to see, with the release of today's
national accounts, was state final demand in Western Australia—our
domestic economy. That highlighted that WA SFD grew by 0.8 per cent in the June
quarter—that is the highest growth of any state in Australia. It is a very
good result for Western Australia. Importantly, this is on the back of very
good growth in business investment of 5.7 per cent, which is the highest level
since 2016. I remind members that when we came into government, business
investment had been contracting in double-digit rates. Importantly, it is the
highest quarterly growth in machinery and equipment investment since 2005.
Consumption growth defied forecasts and grew by 0.3 per cent in the quarter.
The Minister for Mines and Petroleum would know about this. There are some
quite extraordinary numbers coming out; indeed, if it were not for the mining
and petroleum sector of Western Australia, I suspect my good friend Josh Frydenberg
would have some numbers that he would choke on! Mining and petroleum
exploration is surging; we are at a six-year high. About two-thirds of all
exploration in Australia is taking place in Western Australia.
Mrs L.M. Harvey interjected.
Mr B.S. WYATT : What was that,
Leader of the Opposition?
Mrs L.M. Harvey : What is
state final demand on trend?
Mr B.S. WYATT : It is
interesting that I get that interjection from the Leader of the Opposition,
because I make the point that in the last two years of the former government,
state final demand collapsed by 11 per cent.
Mrs L.M. Harvey interjected.
The SPEAKER : Leader of the
Opposition, you asked the question.
Mr B.S. WYATT : While the
Leader of the Opposition, who did not even know where state final demand went,
sat on this side of the house, state final demand collapsed. At no point while
the Leader of the Opposition was a minister did state final demand grow. The only
time that the Leader of the Opposition has seen growth in state final demand is
while we have been in government. All the Leader of the Opposition needs to do
is thank us for the work that we are doing.
Mineral exploration is at its
highest level since 2013, and growing at 20 per cent a year. Petroleum
exploration is at its highest level since 2016; it grew 131 per cent in the
June quarter. Business sales are up, with growth of 3.8 per cent in the June
quarter—again, the highest growth of any state. WA is the only state to
record growth in retail trade in July; it is up by 0.6 per cent. Again, WA is
the only jurisdiction in Australia to record an increase in total construction
work in the June quarter. WA had the highest growth of the states in private new
capital expenditure in the June quarter. Building approvals are up 5.8 per
cent.
I want to remind the Leader of the
Opposition, who I suspect pulled out the dictionary this morning and looked up
state final demand, that during the time she sat on this side of the house in
2013–14, state final demand shrank. This is the reality of the Leader
of the Opposition's record. The Leader of the Opposition talks about it
now, but this is what the former government did: it shrunk 1.3 per cent in 2013–14;
it shrunk 2.2 per cent in 2014–15; it shrunk 4.7 per cent in 2015–16;
and it shrunk 7.1 per cent in 2016–17. The former government gave the
state the only recession we have on record! That is why, during that second
term of the Barnett Liberal government, not one job was created in Western Australia.
We lost jobs! We shed jobs! We are very proud, having picked up the mess that
the Leader of the Opposition left us—destroyed the domestic economy and
then destroyed the overall economy in 2016–17—we are growing
again, we are creating jobs again, and business and consumers are more
confident now than they have been in at least five years. This is good news for
Western Australia and good news for Western Australians.
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