WA boasts COVID response makes economy one of the "strongest in the nation and the world"

WA boasts COVID response makes economy one of the "strongest in the nation and the world"

WA Premier Mark McGowan.

Western Australia’s COVID-19 response has driven the State’s strong economic performance according to Premier Mark McGowan who this afternoon claimed it was “one of the strongest in the nation and the world”.

According to the State’s latest budget, WA domestic economic growth was the strongest of all Australian states for a second year running at 4.3 per cent in 2020-21.

Further, Gross State Product (GSP) is estimated to have grown by 3.25 per cent in the period, and is expected to accelerate to 3.5 per cent in 2021-22, driven largely by strong activity in housing construction.

Western Australia's exports grew to a record $223 billion in 2020-21, accounting for well over half of national exports.

Despite the global economic shock brought on by COVID-19, employment figures in WA are at the highest level on record, with 27,300 more people employed than prior to the pandemic.

The unemployment rate has fallen to 4.6 per cent - it is the lowest level in almost eight years - and is expected to average just 4.5 per cent from 2022-23.

"Our policy to crush and kill the virus means Western Australians are living in one of the freest and most open societies in the world,” WA Premier Mark McGowan said.

"There are more Western Australians employed now than ever before, with 107,000 jobs created since my Government came to office.

"Our booming economy and enviable freedoms have also driven up the number of people moving to Western Australia, with the first growth in interstate migration since 2013.”

Updated at 4.53pm AEST on 9 September 2021.

This update is brought to you by Employment Hero.

Click here to go to Employment Hero’s Covid-19 Resource Hub for essential resources to help employers, managers and HR specialists navigate the ongoing pandemic. 


 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How to conduct an effective board assessment: a step-by-step guide
Partner Content
Your directors should conduct a board assessment annually. Let's examine what a boa...
OnBoard
Advertisement

Related Stories

“Lifting up your eyeline”: Lessons on ambition from the founder of a unicorn

“Lifting up your eyeline”: Lessons on ambition from the founder of a unicorn

While today ed-tech Go1 is a 'double unicorn' with a global...

Love is in the wallet: Australians to splurge $485m on Valentine’s Day

Love is in the wallet: Australians to splurge $485m on Valentine’s Day

Vibrant bouquets and sweet treats are high on the agenda for Austra...

Group structure thought starters: How should mine look?

Group structure thought starters: How should mine look?

What does your corporate structure say about you? Does it showcase ...

Administrators kick off sale process for Sun Cable

Administrators kick off sale process for Sun Cable

Administrators FTI Consulting have this week opened up the bidding ...