- Economic growth in WA outpaces the nation at 3.5
per cent in 2022‑23 - Gross State Product per capita in WA the
strongest of all Australian jurisdictions - Sustained economic growth underpinned by strong
domestic economy and trade - GSP per capita exceeds $150,000 for the first
time
Western
Australia’s economy grew by 3.5 per cent in 2022-23, outpacing the national
economy and growing at the fastest rate in nine years.
The State’s domestic economy
(excluding exports and imports) grew by a stronger than expected 3.8 per cent
in 2022-23 – the fourth consecutive year of growth, and above the long-run
average.
Growth in the domestic economy has been underpinned by solid
growth in household consumption, business investment, and Government investment
– including the record $9.2 billion Asset Investment Program delivered by
the State Government in 2022-23.
WA’s nominal Gross State
Product (GSP) per capita is more than 60 per cent higher than national GSP per
capita at $157,390, reflecting the strong contribution that WA makes to the
national economy. The figure also represents the first time GSP per capita has
broken through the $150,000 mark.
Since 2018-19 the Western
Australian economy has grown by 11.3 per cent, the only mainland State economy
to grow in four successive years – highlighting the resilience of WA’s economy
in the face of COVID and the more recent impact of higher interest rates.
Over this period, WA’s
contribution to the national economy has accounted for 20.7 per cent of
national growth, almost double the State’s population share (10.8 per cent),
and second only to New South Wales that has around three times the population
of WA.
WA’s strong economic
growth is continuing to provide opportunities for WA families, with gross
household disposable income per capita the highest of all States, at $62,539 –
compared with $56,824 nationally.
The strength of WA’s
economy in 2022-23 is also reflected in the strength of its employment growth
(2.7 per cent or 40,000 persons), its low unemployment rate (averaging 3.5 per
cent over the year), and strong Wage Price Index growth of 4.2 per cent in
year-end terms to June quarter 2023.
Comments attributed to Treasurer Rita Saffioti:
“Today’s State Accounts
data highlights the strength of WA’s economy that continues to support the
nation.
“Despite the significant
economic headwinds of recent years, Western Australia’s domestic economy and
trade performance has remained resilient thanks to the hard work of WA
businesses and families and strong economic management by the WA Government.
“Importantly, our Gross State
Product per capita was head and shoulders above the rest of the states and
territories, highlighting the heavy lifting Western Australia does.
“Since pre-pandemic,
Western Australia’s economy has grown by 11.3 per cent and has provided the
second largest contribution to national economic growth, second only to New
South Wales, despite them having three times WA’s population.
“These results further
underpin Western Australia’s importance to the national economy – and the heavy
lifting we do to support Australia’s bottom line.”
