❓ Mr. Lilburne asks the Treasurer for an update on WA's economic data, focusing on employment and wages. The Treasurer responds with positive data on job growth, wage increases, low inflation, and high business confidence, attributing it to the government's strong financial management.
AnsweredQoN 528Legislative Assembly
QuestionView source ↗
STATE ECONOMY —
DIVERSIFICATION
528. Mr P. LILBURNE to the Treasurer:
I refer to the Cook Labor government's
record of maintaining a strong and diversified economy.
(1) Can the
Treasurer update the house on the recent release of economic data, including on
employment and wages in Western Australia?
(2) Can the
Treasurer outline what this means for Western Australian workers, small
businesses and families?
DIVERSIFICATION
528. Mr P. LILBURNE to the Treasurer:
I refer to the Cook Labor government's
record of maintaining a strong and diversified economy.
(1) Can the
Treasurer update the house on the recent release of economic data, including on
employment and wages in Western Australia?
(2) Can the
Treasurer outline what this means for Western Australian workers, small
businesses and families?
AnswerView source ↗
(1)–(2) I
thank the member for that question. I too, on behalf of the government, want to
echo comments made by the Leader of the Opposition and say well done, Matildas.
What an incredible effort! I think they stole the hearts and minds of all of Australia.
Last night, we saw that it was the most viewed sporting event in living memory,
which is incredible. In every corner of Australia, everywhere, I think people
were just glued to their screens watching a sensational effort. Congratulations
to the whole team. Again, I will be there on Saturday night.
Mr D.A. Templeman : Again?
Ms R. SAFFIOTI : Again! I will
be at the Fan Festival, watching the play-off for third place, which will,
again, be a great game.
I
thank the member for the question. Of course, strong financial management
together with strong economic growth has
been the hallmark of this government, and it continues to be the case. We have
seen the AAA credit rating come back to WA as a result of not only
strong financial management over the last six and a half years, but also a strong
economy. Today, new employment data came out that shows that the number of Western
Australian jobs grew by a massive one per
cent, or 15 000—the strongest growth of all the states. This is the
strongest monthly growth in jobs since
November 2021 and contrasts with employment nationally, which actually fell by
14 600. Our unemployment rate is at 3.4 per cent—below the
national average of 3.7 per cent. Of course, we continue to have the highest
participation rate. Since we came into government, 232 000 jobs have been
created. Members might look at this graph. The blue was the previous team; the
red is this team, delivering record jobs growth across the state.
Importantly, other data that has
recently come out shows that our wages have grown significantly, too, across
the state. Average weekly earnings for full-time
workers in WA grew by five per cent and is over $2 000 a week for the first time. We now have the highest average weekly earnings in the nation and
the strongest growth in total wages. Importantly too for the public sector, the
wage price index, including the bonuses being paid, grew by 4.3 per cent in
year-ended terms—the highest in the nation and the strongest in over a decade.
That wages growth is happening across the state. Of course, our government is
supporting the community with things like the cost-of-living rebate for energy
and other initiatives to support Western Australian families.
I refer to inflation. We have the
lowest inflation rate over the year to June at 4.9 per cent—lower than
the national average. As I said, together with lower than national average
inflation, we are also supporting businesses and households through electricity
credits. Our business confidence is the highest of all the states. We see
retail trading continue to increase, by 0.7 per cent, the strongest of the
nation. That shows that across all indicators, whether it be retail trading,
wages, unemployment or business confidence, we are outdoing the rest of the
nation and we are very confident that although we have been through very tricky
and difficult times, the WA economy continues to grow sustainably, not only
managing inflation, but also creating record job levels for all Western Australians.
The SPEAKER : Supplementary
question.
Mr R.S. Love : No; new
question!
The
SPEAKER : Sorry! New question. All
of this celebration of the Matildas got the better of me. Leader of the Opposition.
thank the member for that question. I too, on behalf of the government, want to
echo comments made by the Leader of the Opposition and say well done, Matildas.
What an incredible effort! I think they stole the hearts and minds of all of Australia.
Last night, we saw that it was the most viewed sporting event in living memory,
which is incredible. In every corner of Australia, everywhere, I think people
were just glued to their screens watching a sensational effort. Congratulations
to the whole team. Again, I will be there on Saturday night.
Mr D.A. Templeman : Again?
Ms R. SAFFIOTI : Again! I will
be at the Fan Festival, watching the play-off for third place, which will,
again, be a great game.
I
thank the member for the question. Of course, strong financial management
together with strong economic growth has
been the hallmark of this government, and it continues to be the case. We have
seen the AAA credit rating come back to WA as a result of not only
strong financial management over the last six and a half years, but also a strong
economy. Today, new employment data came out that shows that the number of Western
Australian jobs grew by a massive one per
cent, or 15 000—the strongest growth of all the states. This is the
strongest monthly growth in jobs since
November 2021 and contrasts with employment nationally, which actually fell by
14 600. Our unemployment rate is at 3.4 per cent—below the
national average of 3.7 per cent. Of course, we continue to have the highest
participation rate. Since we came into government, 232 000 jobs have been
created. Members might look at this graph. The blue was the previous team; the
red is this team, delivering record jobs growth across the state.
Importantly, other data that has
recently come out shows that our wages have grown significantly, too, across
the state. Average weekly earnings for full-time
workers in WA grew by five per cent and is over $2 000 a week for the first time. We now have the highest average weekly earnings in the nation and
the strongest growth in total wages. Importantly too for the public sector, the
wage price index, including the bonuses being paid, grew by 4.3 per cent in
year-ended terms—the highest in the nation and the strongest in over a decade.
That wages growth is happening across the state. Of course, our government is
supporting the community with things like the cost-of-living rebate for energy
and other initiatives to support Western Australian families.
I refer to inflation. We have the
lowest inflation rate over the year to June at 4.9 per cent—lower than
the national average. As I said, together with lower than national average
inflation, we are also supporting businesses and households through electricity
credits. Our business confidence is the highest of all the states. We see
retail trading continue to increase, by 0.7 per cent, the strongest of the
nation. That shows that across all indicators, whether it be retail trading,
wages, unemployment or business confidence, we are outdoing the rest of the
nation and we are very confident that although we have been through very tricky
and difficult times, the WA economy continues to grow sustainably, not only
managing inflation, but also creating record job levels for all Western Australians.
The SPEAKER : Supplementary
question.
Mr R.S. Love : No; new
question!
The
SPEAKER : Sorry! New question. All
of this celebration of the Matildas got the better of me. Leader of the Opposition.
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