- Western Australia's domestic economy grew at more than twice the pace of the nation in 2023-24, growing by a massive 5.3 per cent
- Strongest growth of all jurisdictions for household consumption as well as dwelling, business and Government investment, which support jobs
- WA contributed around one quarter of the growth in the national domestic economy over the financial year
- Fourth consecutive year above long-run average growth, and a cumulative 23.9 per cent increase from 2019, significantly faster than national growth
Western Australia's domestic economy grew at more than twice the pace of the rest of the country in 2023-24, increasing by a massive 5.3 per cent, compared to 2.4 per cent growth nationally.
Data released today by the Australian Bureau of Statistics shows the strong performance was broad based with Western Australia having the strongest growth of all jurisdictions across a range of components of State Final Demand in 2023-24, including:
- household consumption increase of 2.7 per cent, by far the strongest of all the states and territories, and well above the national growth of 1.0 per cent;
- dwelling investment increase of 6 per cent, with Western Australia the only state or territory to record growth;
- business investment in WA reaching $55 billion, its highest level in eight years - this reflects growth of 11.8 per cent and accounts for more than a third of investment growth nationally; and
- Government investment increase of 17 per cent, also the strongest of all jurisdictions - this is underpinned by the Cook Government's record investment in infrastructure to drive economic growth and support our growing population.
Western Australia's economic growth was above the long-run average for a fourth consecutive year in 2023-24, contributing around one quarter of the growth in the national domestic economy over the financial year.
Western Australia's domestic economy has grown by a cumulative 23.9 per cent relative since 2019, significantly faster than the 14 per cent nationally over the same period.
The strong performance continued in the June quarter, with WA's domestic economy growing by 0.9 per cent, equal highest of the states.
More recent data shows that the Western Australian economy has made a good start to 2024-25, with retail trade, building approvals and employment all increasing.
Around 72,000 jobs were created over the year to July, with employment at a record 1.62 million.
As stated by Treasurer Rita Saffioti:
"Today's national accounts highlight the stand-out performance of the Western Australian economy and how we continue to drive the nation.
"Evidently, we're leading the nation for growth in household consumption, dwelling investment and business investment. This shows we continue to be the State of choice to invest and do business, which ultimately means more jobs and opportunities for Western Australians.
"Importantly, strong growth in the domestic economy is benefiting all Western Australians - with the economy adding around 72,000 jobs over the year to July and a record 1.62 million Western Australians in employment.
"Our Government will continue working hard to foster an economic environment that encourages new investment and job creation."
