Western Australia records fastest economic growth: ABS

Western Australia's economy grew at 7.8 per cent, seasonally adjusted, in the 12 months to December 2006, the strongest economic growth in the nation, according to Australian Bureau of Statistics figures.

Queensland was next best, growing at 6.7 per cent over the same period while nationally, the domestic economy grew by 3.7 per cent.

WA's status as the strongest economic performer is underscored by the three months ending December in which seasonally adjusted growth was 4.3 per cent, well ahead of the next best jurisdiction, the ACT, which recored 2.7 per cent.

Below is an announcement from WA treasurer Eric Ripper:

Western Australia's domestic economy grew at 7.8 per cent (seasonally adjusted) in the 12 months to December 2006, latest ABS figures show.

"This is the fastest rate of growth recorded by any Australian State or Territory, including Queensland, which grew at 6.7 per cent over the same period," Treasurer Eric Ripper said.

New South Wales recorded 1.8 per cent growth, while Victoria recorded 2.9 per cent growth. Nationally, the domestic economy grew by 3.7 per cent.

In annual average terms, WA's economy grew by 10.5 per cent. The State's domestic economy grew at 4.3 per cent in the December quarter.

Mr Ripper said the figures highlighted the continued strength of the WA economy and again called for the Federal Government to follow Kevin Rudd's lead and provide WA with more infrastructure funding.

"John Howard continues to ignore our social and infrastructure needs despite the fact we are generating enormous wealth for the nation," he said.

"An investment in WA infrastructure is an investment in the nation's future."

Last month, Kevin Rudd pledged to establish a WA Infrastructure Fund worth about $100 million a year to be funded from Commonwealth Petroleum Resource Rent Tax revenue generated by the Gorgon Gas development.

"John Howard is yet to match this commitment," the Treasurer said.

Yesterday, export figures from the ABS showed the value of WA exports had risen by $12.2 billion over the year to January 2007.

"WA recorded a trade surplus of $9.5 billion in the three months to January 2007, 30.1 per cent higher than the trade surplus of $7.3 billion recorded over the three months to January 2006," Mr Ripper said.

"In annual average terms, WA's trade surplus grew to $34.2 billion over the year to January 2007, from $28.2 billion a year earlier. The national trade deficit was $11.8 billion."