Australia's real, seasonally adjusted Gross Domestic Product increased by 4.1 per cent through the year to June 2004, its strongest annual growth since the year to September 2002. GDP rose by 0.6 per cent on the March quarter, with all major expenditure components of domestic demand – household consumption, private dwelling and business investment, and government spending – increasing during the quarter. Total domestic demand rose by 1.6 per cent in the quarter and by 6.2 per cent through the year to June, with household consumption and business investment contributing most to growth. However, net trade detracted from growth over both the quarter and the year to June.
Western Australia's real domestic demand increased by 7.1 per cent in seasonally adjusted terms in the four quarters to June 2004. State final demand increased by 2.9 per cent between March and June, driven mainly by strong household consumption and government investment. WA's business investment rose by 0.5 over the quarter and by 3.5 per cent in the year to June 2004, while dwelling investment fell a little over both the quarter and the year.
For the whole 2003-04 financial year, WA's real domestic demand rose by 8.0 per cent. The strong yearly growth was underpinned by consumption growth of 6.8 per cent, and business investment growth of 18 per cent.
Source: ABS Cat. 5206.0