08/06/2006 - 08:58

WA economy leads nation with 9% growth over past year

08/06/2006 - 08:58

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Western Australia's domestic economy recorded the highest growth rate of any state, growing at 9 per cent in the 12 months to March this year.

WA economy leads nation with 9% growth over past year

Western Australia's domestic economy recorded the highest growth rate of any state, growing at 9 per cent in the 12 months to March this year.

The result, measured by State Final Demand figures, showed that the state's economy was largely being driven by a 28.4 per cent increase in business investment.

Of the other states, New South Wales grew at 2.9 per cent over the same period, Victoria at four per cent, Queensland at 6.1 per cent, South Australia at 3.6 per cent and Tasmania at 6.2 per cent.

Nationally, the domestic economy grew at 4.6 per cent.

During the March quarter, WA recorded a 1.7 per cent growth rate, compared with 0.8 per cent nationally.

The SFD figures follow the release of Australian Bureau of Statistics data showing that WA recorded a $28 billion trade surplus in the 12 months to April, compared with a national deficit of 15.2 billion.

ABS data also shows that mortgage approvals in WA rose by four per cent from March to April, while nationally they fell by 0.5 per cent.

 

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WA domestic economy leads the nation.

Western Australia's domestic economy grew at 9.0 per cent in the 12 months to March 2006 - the highest growth rate of any Australian State.

Treasurer Eric Ripper today said the State Final Demand (SFD) figures showed the State's domestic economy was largely being driven by a 28.4 per cent increase in business investment.

"With 9.0 per cent growth over the year to March, WA is once again proving to be the powerhouse economy of the nation," Mr Ripper said.

New South Wales grew at 2.9 per cent over the same period, Victoria at four per cent, Queensland at 6.1 per cent, South Australia at 3.6 per cent and Tasmania at 6.2 per cent. Nationally, the domestic economy grew at 4.6 per cent.

During the March quarter, WA recorded a 1.7 per cent growth rate, compared with
0.8 per cent nationally.

The Treasurer said the Carpenter Government was helping to build a strong economy by:

- maintaining a competitive tax regime as a percentage of GSP. The Carpenter Government's May Budget included $1.2billion worth of tax cuts over five years;
- spending a record $18.1billion on capital works over four years, with a massive investment in new power and water infrastructure;
- fast-tracking WA's system of approving major resource projects, with a further $25million announced by the Premier late last year;
- making WA an attractive place in which to invest, by maintaining the State's AAA credit rating; and
- further diversifying the State's economy by setting aside $72million over four years in the May Budget for science and innovation.

The SFD figures follow the release of ABS data showing WA recorded a $28.0billion trade surplus in the 12 months to April, compared with a national deficit of 15.2billion.

ABS data also shows that mortgage approvals in WA rose by four per cent from March to April, while nationally they fell by 0.5 per cent.

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