Hon Mark McGowan BA LLB MLA

Hon Mark McGowan BA LLB MLA

Premier; Treasurer; Minister for Public Sector Management; Federal-State Relations

    March quarter economic growth highlights soft landing

    1/06/2022 4:20 PM
     
    • ABS National Accounts data highlights Western Australia has achieved a soft economic landing as we transition to living with COVID-19
    • Despite Omicron in the community the WA economy continued to grow in the March quarter, with the strongest growth in 9 years over the past 12 months
    • WA's domestic economy has grown by 8.8 per cent since the start of the pandemic, more than double the growth of the rest of the nation

    The latest Australian Bureau of Statistics National Accounts data confirms Western Australia has achieved a soft landing, with continued growth in the domestic economy during the March quarter and the strongest growth of the States over the pandemic.

     

    The latest data shows that despite Omicron in the WA community, the domestic economy grew 2.2 per cent in the March quarter.

     

    This was underpinned by growth in government spending, particularly on health, as well as continued growth in business and government investment, with household consumption steady.

     

    Growth in WA's domestic economy accelerated to 7 per cent over the year to March, the strongest growth since early 2013. More than half of this growth was due to strong household spending.

     

    Government investment grew by a massive 18.5 per cent over the 12 months to March 2022, underpinned by investment in transport infrastructure. Dwelling investment grew by 13 per cent, given increased activity in the housing construction market.

     

    Since the start of the pandemic, WA's domestic economy has grown by 8.8 per cent, the strongest growth of all States and more than double the growth in rest of the nation, which grew by 4.2 per cent.

     

    Comments attributed to Premier and Treasurer Mark McGowan:

     

    "Western Australians have worked hard over the pandemic to do the right thing to keep the community safe.

     

    "Today's ABS results confirm that this hard work has paid off, with continued economic growth in the March quarter, even with Omicron in the community.

     

    "While these are excellent results, we know that some businesses have done it tough as we removed border controls and transitioned to living with the virus. That's why we have committed almost $1.7 billion to deliver support to businesses experiencing hardship throughout the pandemic.

     

    "Our hard work throughout the pandemic has underpinned the best possible health and economic outcomes. Today's National Accounts data highlights this."

     

    Premier's office - 6552 5000