❓ Mr Folkard asks the Treasurer about recent state final demand data demonstrating the strength of the WA economy and its impact on jobs and businesses. The Treasurer highlights strong economic growth, government investment, and contrasts it with the previous Liberal/National government's economic performance.
AnsweredQoN 601Legislative Assembly
QuestionView source ↗
STATE ECONOMY — FINAL DEMAND DATA
601. Mr M.J. FOLKARD to the Treasurer:
I
refer to the Cook Labor government's prudent management of state
finances, which has supported Western Australia as a strong economy.
(1) Can the
Treasurer update the house on the recent state final demand data that
demonstrates the strength of the Western Australian economy?
(2) Can the
Treasurer outline what this positive result means for jobs and businesses in
WA?
601. Mr M.J. FOLKARD to the Treasurer:
I
refer to the Cook Labor government's prudent management of state
finances, which has supported Western Australia as a strong economy.
(1) Can the
Treasurer update the house on the recent state final demand data that
demonstrates the strength of the Western Australian economy?
(2) Can the
Treasurer outline what this positive result means for jobs and businesses in
WA?
AnswerView source ↗
(1)–(2) I
thank the member for that question. Most recently, we have seen further strong
economic news for Western Australia. Of course, that means that with strong
economic growth comes growth in the jobs market,
making sure that people in WA can get a job, and the ability for the government
to then support the WA community
through measures addressing the cost of living. Strong economic growth is
fundamentally important to the WA community and society.
The state final demand figures
released last week showed that the domestic economy grew by 3.7 per cent in the last financial year, which was higher than
our budget forecast of 3.25 per cent. The domestic economy has now grown
by a cumulative 16.5 per cent since the onset of COVID, well above the national
growth rate of 11.1 per cent. We have seen strong and continued growth in
household consumption, which is very, very
good given the significant interest rate issues for the community. Dwelling
investment has also increased, together with business investment. Importantly,
a strong factor in the strong economy has been government investment,
with government investment increasing by 15.8 per cent over the last financial
year. Government investment, for example, includes our record spend on
infrastructure around the state on transport, Metronet, regional roads and all
our other services like utilities, whether it is the Water Corporation or the
electricity network. There has been a significant spend across the state.
I turn to the other side to the
Liberal and National Parties, whose stewardship saw the state economy contract four years in a row, with state final
demand shrinking 1.3 per cent, 2.2 per cent, 4.7 per cent and finally
7.1 per cent in 2016–17. This opposition of course opposes our
infrastructure program and does not want to create jobs in the WA community. We
will continue to grow jobs and opportunities for Western Australians and to support the community through measures like
our cost-of-living measures in the state
budget. Strong economic growth and strong financial management are key pillars
of this government.
thank the member for that question. Most recently, we have seen further strong
economic news for Western Australia. Of course, that means that with strong
economic growth comes growth in the jobs market,
making sure that people in WA can get a job, and the ability for the government
to then support the WA community
through measures addressing the cost of living. Strong economic growth is
fundamentally important to the WA community and society.
The state final demand figures
released last week showed that the domestic economy grew by 3.7 per cent in the last financial year, which was higher than
our budget forecast of 3.25 per cent. The domestic economy has now grown
by a cumulative 16.5 per cent since the onset of COVID, well above the national
growth rate of 11.1 per cent. We have seen strong and continued growth in
household consumption, which is very, very
good given the significant interest rate issues for the community. Dwelling
investment has also increased, together with business investment. Importantly,
a strong factor in the strong economy has been government investment,
with government investment increasing by 15.8 per cent over the last financial
year. Government investment, for example, includes our record spend on
infrastructure around the state on transport, Metronet, regional roads and all
our other services like utilities, whether it is the Water Corporation or the
electricity network. There has been a significant spend across the state.
I turn to the other side to the
Liberal and National Parties, whose stewardship saw the state economy contract four years in a row, with state final
demand shrinking 1.3 per cent, 2.2 per cent, 4.7 per cent and finally
7.1 per cent in 2016–17. This opposition of course opposes our
infrastructure program and does not want to create jobs in the WA community. We
will continue to grow jobs and opportunities for Western Australians and to support the community through measures like
our cost-of-living measures in the state
budget. Strong economic growth and strong financial management are key pillars
of this government.
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