❓ Mrs Munday asks the Treasurer for an update on the WA economy and how the government is delivering economic growth. The Treasurer responds with positive economic data, highlighting growth outpacing national figures, driven by the private sector, and government investment in infrastructure.
AnsweredQoN 705Legislative Assembly
QuestionView source ↗
State economy—Data
705. Mrs Lisa Munday to
the Treasurer:
I refer to the Cook
Labor government's commitment to continue building on our strong financial
management.
(1) Can the Treasurer please update the house on
any recent developments regarding the Western Australian economy?
(2) Can the Treasurer also please advise what this
indicates about how this government is delivering key economic growth for
Western Australians?
705. Mrs Lisa Munday to
the Treasurer:
I refer to the Cook
Labor government's commitment to continue building on our strong financial
management.
(1) Can the Treasurer please update the house on
any recent developments regarding the Western Australian economy?
(2) Can the Treasurer also please advise what this
indicates about how this government is delivering key economic growth for
Western Australians?
AnswerView source ↗
(1)–(2) The state final demand figures
were released today. That is further economic data released by the Australian
Bureau of Statistics. I know members of this side will be very happy, but maybe
the opposition not so happy. The state economy is still growing strongly. We
are still outpacing national growth. Across all indicators, again, we are
seeing a lot of confidence in the WA economy. Over the year to September, our
domestic economy grew by 3%, and that outpaced the national figures of 2.2%.
Over the last five years, our domestic economy has grown by 26.7%, the
strongest of any state or territory. What is really pleasing about the data is
that a lot of this growth is fuelled by the private sector—a lot of
strong activity across the private sector. We are seeing dwelling investment
accelerate by 6.3% growth, and, again, new homes approved accelerated to over
23,700, according to the data released yesterday. Again, they are some the
strongest figures we have seen. The really important part is that it is
multi-unit as well as detached dwellings. We have also seen continued strong
consumption figures. Western Australia's growth in household consumption
continued to be the strongest of all the states, growing by 2.7%, well above
the national growth rate of 1.6%. Business investment continues to be strong,
and WA's private sector grew by the strongest of all jurisdictions, accounting
for two-thirds of domestic growth. Government spending increased by 4%, and we
continue to increase our investment across infrastructure.
This is good news for Western
Australians. A continuing growing economy is very much part of our plan under
Premier Cook to diversify the economy and continue to create jobs and
opportunities for all Western Australians. We know that the job is not done and
we need to continue to invest to make sure that we create the jobs and the
economic momentum for the national and state economy.
were released today. That is further economic data released by the Australian
Bureau of Statistics. I know members of this side will be very happy, but maybe
the opposition not so happy. The state economy is still growing strongly. We
are still outpacing national growth. Across all indicators, again, we are
seeing a lot of confidence in the WA economy. Over the year to September, our
domestic economy grew by 3%, and that outpaced the national figures of 2.2%.
Over the last five years, our domestic economy has grown by 26.7%, the
strongest of any state or territory. What is really pleasing about the data is
that a lot of this growth is fuelled by the private sector—a lot of
strong activity across the private sector. We are seeing dwelling investment
accelerate by 6.3% growth, and, again, new homes approved accelerated to over
23,700, according to the data released yesterday. Again, they are some the
strongest figures we have seen. The really important part is that it is
multi-unit as well as detached dwellings. We have also seen continued strong
consumption figures. Western Australia's growth in household consumption
continued to be the strongest of all the states, growing by 2.7%, well above
the national growth rate of 1.6%. Business investment continues to be strong,
and WA's private sector grew by the strongest of all jurisdictions, accounting
for two-thirds of domestic growth. Government spending increased by 4%, and we
continue to increase our investment across infrastructure.
This is good news for Western
Australians. A continuing growing economy is very much part of our plan under
Premier Cook to diversify the economy and continue to create jobs and
opportunities for all Western Australians. We know that the job is not done and
we need to continue to invest to make sure that we create the jobs and the
economic momentum for the national and state economy.
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