WA economy records best growth in nearly two years

Western Australia’s economy experienced a seasonally adjusted expansion of 0.8 per cent in the June quarter, marking the state’s strongest quarter of growth since September 2017.

According to the Australian Bureau of Statistics, WA’s final demand rose to $52.2 billion, which is the first increase in final demand since the September 2018 quarter.

However, the state’s economy has contracted by 0.8 per cent during the past 12 months.

Private investment expenditure underpinned the growth in the June quarter, rising 3.3 per cent to $10.26 billion.

It is still well below the $25.1 billion outlayed in the December 2012 quarter, during the peak period of the mining boom.

Household consumption in WA remains relatively subdued, recording a 0.3 per cent increase.    

Nationally, the Australian economy grew by 0.5 per cent in the June quarter as annual growth slowed to a fresh post-GFC low 1.4 per cent.

The quarterly increase was in line with market consensus.

For the 2019 fiscal year, the national economy grew by 1.4 per cent, its lowest figure since the GFC.