❓ Mr. Baker asks about WA's economic performance. The Premier responds positively, highlighting job growth, economic resilience, and strong performance in the resources sector, while contrasting it with the previous government's economic management.
AnsweredQoN 791Legislative Assembly
QuestionView source ↗
STATE
ECONOMY — MANAGEMENT
791. Mr G. BAKER to the Premier:
I refer to the Cook Labor
government's sustained economic management of Western Australia.
(1) Can the Premier update the
house on Western Australia's latest economic results?
(2) Can the
Premier advise the house how Western Australia's current economic
position compares to that in previous years?
ECONOMY — MANAGEMENT
791. Mr G. BAKER to the Premier:
I refer to the Cook Labor
government's sustained economic management of Western Australia.
(1) Can the Premier update the
house on Western Australia's latest economic results?
(2) Can the
Premier advise the house how Western Australia's current economic
position compares to that in previous years?
AnswerView source ↗
(1)–(2) I
thank the member for the question because, as we know, the past year has
presented a lot of economic challenges across the globe. International
economies have navigated inflation, volatile commodities and the impact of war. Western Australia is no
exception, but what sets us apart is the fact that we have overcome these challenges better than anywhere else. Our economy has met the challenges
with WA's trademark resilience. As a result, our state has the
strongest economy, and in recent years we have consistently led the nation. Let us look at some of the facts. More
than 321 000 jobs have been created since we were elected in 2017. In
fact, we have kept unemployment below four per cent—around an average
of 3.7 per cent—for the past three years. That is an extraordinary
record and one of which Western Australians should be rightly proud. The number
of people in a job reached a new record of 1.62 million. Western Australia has
grown by nearly 24 per cent since pre-pandemic levels. In short, what was once
the worst performing economy in the nation, just some seven years ago, is now
the best performing economy in the country. It is official. That is backed up
by the latest CommSec State of the states report.
A major contributor to this success
was the resources industry. The latest data on performance in WA's
resources sector shows that it recorded its seventh consecutive year of jobs
growth. It shows that a record 135 000 full-time jobs are supported by the
sector. That is around 9 000 more jobs than at this time last year. At the same
time, mineral and petroleum sales remain strong at $238 billion. Iron ore
achieved 866 million tonnes—the most ever—while sales remain
strong at $142 billion, and gold achieved all-time high sales of $21 billion, driven by the highest prices ever recorded.
Let us just reflect on that for a moment. There is no other Premier in
the country standing up reading out these statistics for their states for jobs
growth, the growth of the economy and the number of people in employment. Western
Australia remains the leading destination for exploration and investment in
Australia, particularly in critical minerals. Although our foundation resources
are continuing to perform for Western Australia, the future is bright when we
consider the opportunities that exist in the critical minerals sector.
The WA Labor government has a history
of supporting strong budget management. We have always balanced the budget using very conservative estimates for the mining
royalties. We have protected the state's finances from the
sudden changes in commodity prices that occur from time to time. That stands in
stark contrast to those opposite. The previous government baked into its
budgets higher prices and hefty assumptions so that it could justify its budget
spending. Of course, there was no contingency for the whim of the market, and that created massive risks to
the state's finances. When the prices receded, it created huge budget deficits and record debt. As a result, the former government cancelled major
infrastructure projects like the Ellenbrook rail line. It made plans to sell
state assets like Western Power and the Fremantle Port Authority. It delivered
increases in land taxes three years in a row of 12.5 per cent, 10 per cent and
then a whopping 25 per cent. Lastly, we saw
it propose a $5-a-tonne mining tax. We all saw how that turned out.
We have been careful with the state's
finances. We have struck the right balance between sharing the benefits of our
resources and encouraging investment. As a result, our budget position will
remain strong under my government. Therefore, we have been able to offer
cost-of-living relief to Western Australians. My key commitment upon being
elected was that we would keep the economy strong and support those who are doing it tough, and that is exactly what
we have done. At the same time, we are investing in projects that are
setting up the state for the future. We can continue to feel proud about the
growth and strength of the economy today and we are making plans to lock in
that growth and strength into the future. That will happen only under a WA
Labor government.
thank the member for the question because, as we know, the past year has
presented a lot of economic challenges across the globe. International
economies have navigated inflation, volatile commodities and the impact of war. Western Australia is no
exception, but what sets us apart is the fact that we have overcome these challenges better than anywhere else. Our economy has met the challenges
with WA's trademark resilience. As a result, our state has the
strongest economy, and in recent years we have consistently led the nation. Let us look at some of the facts. More
than 321 000 jobs have been created since we were elected in 2017. In
fact, we have kept unemployment below four per cent—around an average
of 3.7 per cent—for the past three years. That is an extraordinary
record and one of which Western Australians should be rightly proud. The number
of people in a job reached a new record of 1.62 million. Western Australia has
grown by nearly 24 per cent since pre-pandemic levels. In short, what was once
the worst performing economy in the nation, just some seven years ago, is now
the best performing economy in the country. It is official. That is backed up
by the latest CommSec State of the states report.
A major contributor to this success
was the resources industry. The latest data on performance in WA's
resources sector shows that it recorded its seventh consecutive year of jobs
growth. It shows that a record 135 000 full-time jobs are supported by the
sector. That is around 9 000 more jobs than at this time last year. At the same
time, mineral and petroleum sales remain strong at $238 billion. Iron ore
achieved 866 million tonnes—the most ever—while sales remain
strong at $142 billion, and gold achieved all-time high sales of $21 billion, driven by the highest prices ever recorded.
Let us just reflect on that for a moment. There is no other Premier in
the country standing up reading out these statistics for their states for jobs
growth, the growth of the economy and the number of people in employment. Western
Australia remains the leading destination for exploration and investment in
Australia, particularly in critical minerals. Although our foundation resources
are continuing to perform for Western Australia, the future is bright when we
consider the opportunities that exist in the critical minerals sector.
The WA Labor government has a history
of supporting strong budget management. We have always balanced the budget using very conservative estimates for the mining
royalties. We have protected the state's finances from the
sudden changes in commodity prices that occur from time to time. That stands in
stark contrast to those opposite. The previous government baked into its
budgets higher prices and hefty assumptions so that it could justify its budget
spending. Of course, there was no contingency for the whim of the market, and that created massive risks to
the state's finances. When the prices receded, it created huge budget deficits and record debt. As a result, the former government cancelled major
infrastructure projects like the Ellenbrook rail line. It made plans to sell
state assets like Western Power and the Fremantle Port Authority. It delivered
increases in land taxes three years in a row of 12.5 per cent, 10 per cent and
then a whopping 25 per cent. Lastly, we saw
it propose a $5-a-tonne mining tax. We all saw how that turned out.
We have been careful with the state's
finances. We have struck the right balance between sharing the benefits of our
resources and encouraging investment. As a result, our budget position will
remain strong under my government. Therefore, we have been able to offer
cost-of-living relief to Western Australians. My key commitment upon being
elected was that we would keep the economy strong and support those who are doing it tough, and that is exactly what
we have done. At the same time, we are investing in projects that are
setting up the state for the future. We can continue to feel proud about the
growth and strength of the economy today and we are making plans to lock in
that growth and strength into the future. That will happen only under a WA
Labor government.
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