❓ Mr. Hughes asks the Premier about the impact of the government's economic recovery efforts on WA businesses, referencing national account figures. The Premier responds positively, highlighting WA's strong economic growth and business investment.
AnsweredQoN 175Legislative Assembly
QuestionView source ↗
STATE ECONOMY
175. Mr M. HUGHES to the Premier:
I refer to the McGowan Labor
government's significant investment in creating more jobs for Western Australians
and driving the state's economic recovery from the COVID-19 pandemic.
Can the Premier update the house on what
today's national account figures reveal about this government's
unprecedented efforts in supporting the state's economy, and
outline what this has meant for business?
175. Mr M. HUGHES to the Premier:
I refer to the McGowan Labor
government's significant investment in creating more jobs for Western Australians
and driving the state's economic recovery from the COVID-19 pandemic.
Can the Premier update the house on what
today's national account figures reveal about this government's
unprecedented efforts in supporting the state's economy, and
outline what this has meant for business?
AnswerView source ↗
I
thank the member for Kalamunda for the question and congratulate him on his
very strong result in the state election a couple of months ago.
Throughout the pandemic, our focus
has been on keeping Western Australians healthy and ensuring that we have a very
strong economy that is creating jobs for our citizens. On both measures we have
had some of the best results in Australia and potentially the best results in
the world. The Australian Bureau of Statistics' Australian national
accounts figures that came out today show that the domestic economy grew by
three per cent in the March quarter. That was by far the strongest growth in
Australia. It was double the national domestic economy's growth—that
is the average of all the states and territories—double the growth in
New South Wales, the so-called gold standard, which had 1.5 per cent; double
the growth in South Australia and Tasmania; and seven and a half times the
growth in Queensland. It also means that the
domestic economy in Western Australia is bigger than it was when we came to government, despite the greatest economic
shock in 100 years. That is what happens when the government manages the
pandemic as we have and also has a plan for economic recovery and jobs.
Our
economic activity has been underpinned by strong business investment. In March,
business investment grew by 11.5 per cent, which is the largest increase in
nine years. It highlights the strong confidence in the Western Australian economy.
Business investment now exceeds what it was when we came to government. It is
up by more than seven per cent from March 2017.
In the March quarter, dwelling
investment grew by 7.3 per cent. That follows the strong building approval
figures released recently. The building
approval figures released yesterday show Western Australia has recorded the
fastest rate of annual growth in building approvals on record, in
history, under the measures we put in place to ensure that we kept our dwelling
investment and building industry very strong.
I
think Western Australians can be very pleased with the efforts they have put in
over the course of the last 18 months or so to ensure that our economy
is strong and that we once again lead the nation. Of course, just so new members
are aware, prior to us coming to office, Western Australia was in the first
domestic recession on record. We have turned that around and turned the
finances around and now we have the strongest-growing economy in Australia,
despite the economic headwinds that this state has been facing.
thank the member for Kalamunda for the question and congratulate him on his
very strong result in the state election a couple of months ago.
Throughout the pandemic, our focus
has been on keeping Western Australians healthy and ensuring that we have a very
strong economy that is creating jobs for our citizens. On both measures we have
had some of the best results in Australia and potentially the best results in
the world. The Australian Bureau of Statistics' Australian national
accounts figures that came out today show that the domestic economy grew by
three per cent in the March quarter. That was by far the strongest growth in
Australia. It was double the national domestic economy's growth—that
is the average of all the states and territories—double the growth in
New South Wales, the so-called gold standard, which had 1.5 per cent; double
the growth in South Australia and Tasmania; and seven and a half times the
growth in Queensland. It also means that the
domestic economy in Western Australia is bigger than it was when we came to government, despite the greatest economic
shock in 100 years. That is what happens when the government manages the
pandemic as we have and also has a plan for economic recovery and jobs.
Our
economic activity has been underpinned by strong business investment. In March,
business investment grew by 11.5 per cent, which is the largest increase in
nine years. It highlights the strong confidence in the Western Australian economy.
Business investment now exceeds what it was when we came to government. It is
up by more than seven per cent from March 2017.
In the March quarter, dwelling
investment grew by 7.3 per cent. That follows the strong building approval
figures released recently. The building
approval figures released yesterday show Western Australia has recorded the
fastest rate of annual growth in building approvals on record, in
history, under the measures we put in place to ensure that we kept our dwelling
investment and building industry very strong.
I
think Western Australians can be very pleased with the efforts they have put in
over the course of the last 18 months or so to ensure that our economy
is strong and that we once again lead the nation. Of course, just so new members
are aware, prior to us coming to office, Western Australia was in the first
domestic recession on record. We have turned that around and turned the
finances around and now we have the strongest-growing economy in Australia,
despite the economic headwinds that this state has been facing.
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