An increase in retail spending, a growing population and improved housing finance figures suggest positive times ahead for Western Australia's economy, according to CommSec chief economist Craig James.
Western Australia has recorded the largest increase in employment of any state for the month of October, up by 6,300 people, but its unemployment rate has remained static at 5.7 per cent, according to the latest data from the Australian Bureau of Statistics.
Unemployment fell 0.1 percentage points in Western Australia in August to be 5.8 per cent, although the number of people employed full time fell by about 7,900.
Western Australia has recorded the largest decrease in jobs for July, just a month after it was the only state or territory in Australia to experience an increase in employment.
Western Australia's economic performance was the worst of all Australian states for the March quarter, according to Commsec's latest data, but stronger population and exports growth could indicate a turnaround is on the cards.
The seasonally adjusted unemployment rate in Western Australia has bucked the national trend and fallen 0.5 percentage points to 5.8 per cent on the back of a 13,800 increase in the total number of people holding a job.
Western Australia's economy has been performing well below its long-term average but is showing signs of increasing economic momentum with growing exports and $73 billion of projects underway or under consideration, according to two new reports.
Australia's trade surplus increased to $4.5 billion in January, the second largest surplus on record, as the value of gold exports exceeded expectations.
Australia's current account deficit has narrowed 33 per cent to $7.2 billion in the three months to December as higher commodity prices boosted the value of exports.
Perth's subdued inflation rate has continued, coming in at just 1.3 per cent in 2018, trailing only Darwin for the lowest price increase out of Australia's eight capital cities.
A 10 per cent surge in the level of business investment in machinery and equipment has helped Western Australia's state final demand grow 0.4 per cent in the September quarter, as national economic data surprised on the downside.
Newly built homes in Western Australia are the largest in the country, with new houses averaging 235.3 square metres and new apartments increasing in size by 8.7 per cent.
Wages growth in Western Australia is lagging the country, with ABS data showing the state's wages increased just 1.6 per cent year on year, compared with a national increase of 2.3 per cent.
The downward trend in Perth's housing market has continued in September, with the latest CoreLogic data showing a 0.6 per cent decline in house prices for the month.
Western Australia's population increased by just 0.8 per cent in the year to March, continuing its recent trend of soft growth, while nationally population growth slumped to a two-year low, new data out today shows.
State final demand lifted 0.2 per cent in Western Australia in the June quarter, while national GDP growth hit its fastest level in more than 5 years at 3.4 per cent in the 12 months to June.
Perth house prices suffered their largest monthly decline in almost a year, after slipping 0.8 per cent in July, according to the latest data from CoreLogic.
Despite maintaining its position as the worst performing state in the country, Western Australia's economy showed improving levels of investment, according to the latest CommSec State of the States report.
Western Australia's population growth remains subdued, with the state recording a 0.8 per cent increase for the 12 months to December, according to the latest data from the Australian Bureau of Statistics.
Job vacancies in the Pilbara and Kimberley regions hit their highest level in four years in May, as demand for engineers, IT professionals and automotive trade workers in Western Australia takes off.
Western Australia has continued its trend of marginal population growth, with the state registering growth of 0.9 per cent for the 12 months to September, as interstate migration remains in negative territory.
Online job advertising is growing at its fastest rate in 2.5 years in Western Australia, with the latest figures showing a 14.8 per cent surge in ads over the past 12 months.
The end of the mining construction boom continues to cause economic pain for Western Australia but strong employment growth paints a very positive future, according to Treasurer Ben Wyatt.
Western Australian merchandise exports were up 22 per cent in the year to November compared with the previous corresponding period, despite the month being slightly softer, according to the Australian Bureau of Statistics.
Western Australia's adverse population trends have continued in the 12 months to June, with overall growth of just 0.8 per cent while less people are coming from interstate and overseas.
Perth home prices have risen for the third straight month for the first time since 2014, according to the the latest CoreLogic home value index report.
The average size of Australian homes, inclusive of both houses and apartments, has hit a 20-year low, a new report has found; however, Western Australia is building the largest homes in the country.
Western Australia's exports are continuing to grow, with $122.5 billion shipped overseas in the past 12 months, up 22 per cent from the same period to August 2016, but retail sales data shows that it is too early to call a recovery.
