❓ The Treasurer outlines positive economic data for WA, highlighting growth in various sectors and job creation, while criticizing the opposition's past economic management and current policies.
AnsweredQoN 581Legislative Assembly
QuestionView source ↗
STATE ECONOMY — MANAGEMENT
581. Mr H.T. JONES to the Treasurer:
I refer to the Cook Labor
government's successful management of Western Australia's
economy and finances.
(1) Can the Treasurer outline to
the house what the recent economic data means for Western Australia?
(2) Can the
Treasurer advise the house whether she is aware of any threats to Western Australia's
strong economic and financial position?
581. Mr H.T. JONES to the Treasurer:
I refer to the Cook Labor
government's successful management of Western Australia's
economy and finances.
(1) Can the Treasurer outline to
the house what the recent economic data means for Western Australia?
(2) Can the
Treasurer advise the house whether she is aware of any threats to Western Australia's
strong economic and financial position?
AnswerView source ↗
(1)–(2) I
thank the member for Darling Range for that question. Last week, some financial
accounts were released for the nation and some economic data for the state.
Although it is true to say that, nationally, some of those figures were not
strong, it is true to say that Western Australia's economy is still
growing very, very strongly. In relation to state final demand, the domestic
economy grew by 5.3 per cent for the year ending at June. Importantly, when
those numbers are broken down, we can see that many parts—or all parts—of
our economy are continuing to go strong. Household consumption increased by 2.7
per cent. That was by far the strongest growth in the nation. Dwelling
investment—we know we are out there building more and more homes—increased
by six per cent, with Western Australia the only state or territory to record growth on that front. Business investment in WA
reached $55 billion. That reflects an 11.8 per cent increase . Government
investment—the infrastructure that the opposition hates so much—grew
by 17 per cent. That is helping employ people out there and it is also about
improving the economic infrastructure around the state, whether it is roads in
the regions, ports, rail projects or our record investment in other areas like
health and education.
To give members another figure, WA's
domestic economy has grown 23.9 per cent cumulatively since 2019. That is
faster than the 14 per cent growth nationally over the same period. That is 24
per cent for WA compared to 14 per cent nationally. What does that mean? That
means jobs and opportunities for Western Australians. It means that we continue
to drive incredible employment outcomes for Western Australia. Over the year to
July, 72 000 jobs were created, reaching a record employment level of 1.62 million.
Those jobs and opportunities mean that Western Australians can be confident
about the future because they have a job now
and they know the government is investing in economic infrastructure and in
their future through either direct government investment or facilitating new
developments around the state. Of
course, the Premier has outlined all the cost-of-living initiatives that we are
introducing. Importantly , as I
said, we continue to invest to make sure that Western Australia is positioned
well. Importantly, our budget management continues to get the strong
affirmation from rating agencies. We saw S&P Global Ratings last week
reaffirm our AAA credit rating, which again shows that it is confident about
the future.
The only risk to the WA community is
of course the Liberal–National opposition members and their potential
to form a government. Do members remember last time? They wrecked the finances
and they wrecked the economy and drove the state into recession. They were not
creating jobs, and, of course, they mismanaged and wrecked the state's
finances.
Mr R.H. Cook : They increased
taxes as well.
Ms R. SAFFIOTI : They
increased taxes. They lost the confidence of the Western Australian community
and the business community, and they are already up to it again. As I said,
they made an election commitment last week. They
costed it at $160 million. Do members know what the true cost of it was? It is
$530 million. In its first election commitment, the Nationals WA
completely misjudged the cost. Members opposite are opposing developments. They
are running an anti-development and ''let's give more power back
to the councils'' position. That means more risk and uncertainty for Western
Australians. Whether it is the state's finances or the state of the
economy, it is this side of Parliament that continues to drive outcomes for all
Western Australians.
thank the member for Darling Range for that question. Last week, some financial
accounts were released for the nation and some economic data for the state.
Although it is true to say that, nationally, some of those figures were not
strong, it is true to say that Western Australia's economy is still
growing very, very strongly. In relation to state final demand, the domestic
economy grew by 5.3 per cent for the year ending at June. Importantly, when
those numbers are broken down, we can see that many parts—or all parts—of
our economy are continuing to go strong. Household consumption increased by 2.7
per cent. That was by far the strongest growth in the nation. Dwelling
investment—we know we are out there building more and more homes—increased
by six per cent, with Western Australia the only state or territory to record growth on that front. Business investment in WA
reached $55 billion. That reflects an 11.8 per cent increase . Government
investment—the infrastructure that the opposition hates so much—grew
by 17 per cent. That is helping employ people out there and it is also about
improving the economic infrastructure around the state, whether it is roads in
the regions, ports, rail projects or our record investment in other areas like
health and education.
To give members another figure, WA's
domestic economy has grown 23.9 per cent cumulatively since 2019. That is
faster than the 14 per cent growth nationally over the same period. That is 24
per cent for WA compared to 14 per cent nationally. What does that mean? That
means jobs and opportunities for Western Australians. It means that we continue
to drive incredible employment outcomes for Western Australia. Over the year to
July, 72 000 jobs were created, reaching a record employment level of 1.62 million.
Those jobs and opportunities mean that Western Australians can be confident
about the future because they have a job now
and they know the government is investing in economic infrastructure and in
their future through either direct government investment or facilitating new
developments around the state. Of
course, the Premier has outlined all the cost-of-living initiatives that we are
introducing. Importantly , as I
said, we continue to invest to make sure that Western Australia is positioned
well. Importantly, our budget management continues to get the strong
affirmation from rating agencies. We saw S&P Global Ratings last week
reaffirm our AAA credit rating, which again shows that it is confident about
the future.
The only risk to the WA community is
of course the Liberal–National opposition members and their potential
to form a government. Do members remember last time? They wrecked the finances
and they wrecked the economy and drove the state into recession. They were not
creating jobs, and, of course, they mismanaged and wrecked the state's
finances.
Mr R.H. Cook : They increased
taxes as well.
Ms R. SAFFIOTI : They
increased taxes. They lost the confidence of the Western Australian community
and the business community, and they are already up to it again. As I said,
they made an election commitment last week. They
costed it at $160 million. Do members know what the true cost of it was? It is
$530 million. In its first election commitment, the Nationals WA
completely misjudged the cost. Members opposite are opposing developments. They
are running an anti-development and ''let's give more power back
to the councils'' position. That means more risk and uncertainty for Western
Australians. Whether it is the state's finances or the state of the
economy, it is this side of Parliament that continues to drive outcomes for all
Western Australians.
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