Western Australia's resources royalties hit $10.6 billion last year, as investment in the sector reached its highest value since the height of the early 2010s mining boom.
Treasurer Jim Chalmers has lauded today's national accounts figures, which revealed a higher-than-expected uptick in gross domestic product off the back of increased household spending.
The federal government has unveiled a $27.6 billion deficit in its last budget before the May election, but insists the economy is on track for a soft landing.
Australia's trimmed mean inflation fell to 3.2 per cent in November, but jobs figures suggesting a tightening of the labour market have dashed hopes of a February rate cut.
The country's economy only grew by 0.2 per cent in the recent quarter or 1.5 per cent annually, which the ABS found to be the weakest yearly growth since the 1990s.
The country's annual inflation rate has increased to 3.8 per cent, up from the 3.6 per cent recorded in the previous quarter, recent Australian Bureau of Statistics data shows.
Australia's GDP had a modest rise in the March quarter but the country still experienced weak economic growth, the Australian Bureau of Statistics found.
The nation's economy grew 0.2 per cent in the December quarter but the country's annual GDP rose at the slowest rate since the pandemic, according to recent ABS data.
Inflation continues to fall with the Australian Bureau of Statistics recording a 4.1 per cent rate nationally and 3.6 per cent in Perth for the past year.
In this podcast Mark Pownall and Mark Beyer discuss Forrest separation implications, Kerry Stokes' laneway, Ben Wyatt, Mark Hatfield, the Ritz Carlton, Chellingworth and Moody's.
Moody's Investors Service has reinstated Western Australia to its highest possible AAA credit rating, a move the state expects will save it $2.4 billion in interest over its forward estimates.
Broader praise for Western Australia's ‘ironclad budget' has been accompanied by industry calls to build the state's investment appeal and diversify the economy.
There are hopes the RBA will slow its rate hikes, with the central bank today saying inflation had passed its peak as it lifted the cash rate to 3.6 per cent.
It doesn't stop: The RBA signals rate hikes will continue in the months ahead, as observers declared the central bank's stance had become even tougher.
Moody's Investors Service has lifted its credit rating outlook for Western Australia from ‘stable' to ‘positive' but has not reinstated the coveted triple-A rating.
Ballajura and Alexander Heights are among Perth's top spots for mortgage delinquencies, according to data obtained by Moody's Investors Service trawling through residential mortgage backed securities.
Retail spending was up 10.5 per cent in Western Australia in July compared to the same month in 2021, but most states substantially outperformed the west.
S&P Global Ratings has lifted Western Australia's credit rating to AAA for the first time in nine years, citing strong financial management, robust iron ore prices and the 2018 GST deal as factors.
Moody's has warned that rising interest rates and living costs could make it harder for some borrowers to meet mortgage repayments, as major banks begin passing on rate rises to customers.
The cash rate could be expected to rise over time to 2.5 per cent, RBA governor Philip Lowe has said, while the central bank forecasts inflation could get worse before it gets better.
Mortgage delinquency rates are worst in Western Australia and will continue to increase across the country more generally over the next year, according to Moody's.
Australian small businesses will receive $3.9 billion of tax incentives and $6.7 billion of cash payments as part of a federal government stimulus announced today, while a major investor service has reiterated a small, but positive, growth forecast for the country.
Western Australia recorded the highest mortgage delinquency rate in the year to May of 3.38 per cent, while the Australian average was 1.94 per cent, according to a report from Moody's Investors Service.
House values in Perth are expected to hit a trough next year according to the latest report from CoreLogic-Moody's Analytics, which has pushed out its predicted recovery to 2021.
Ratings agency Moody's has announced that it will lift Western Australia's credit rating from Aa2 to Aa1, with the McGowan government's strong control over spending highlighted as a key reason.
Perth's housing market is expected to continue its decline in 2019, with a trough not likely until 2020, according to the latest CoreLogic-Moody's Analytics house price forecasts, which are substantially more negative than the previous report six months ago.
Moody's has lifted the outlook on Western Australia's Aa2 credit rating from ‘stable' to ‘positive', citing the state government's "strong fiscal resolve" as a key factor.
