- Western Australia's domestic economy grew by twice the pace of national economic growth in 2023
- Western Australia's State Final Demand grew by 4.7 per cent in 2023, the strongest in the nation, while nationally domestic demand grew 2.3 per cent
- All key components of activity contributing to growth, including business investment, household consumption, and government investment
- WA is still the only jurisdiction to have grown in every quarter since June 2020
Western Australia's domestic economy grew at twice the pace of the national economy in 2023, with data released by the Australian Bureau of Statistics showing Western Australia's State Final Demand grew by 4.7 per cent, while nationally domestic demand grew by 2.3 per cent.
Western Australia accounted for almost one quarter of growth of the national domestic economy in dollar terms, contributing $11.8 billion of the $51.1 billion growth nationally - more than double the State's population share.
The State's domestic economy grew by 0.8 per cent in the December quarter 2023 following very strong growth of 2.5 per cent in the September quarter 2023 - the fastest rate of growth of all states for a second consecutive quarter.
Economic growth in 2023 was broad based with all key components of activity contributing to growth, with the strongest contributions from business investment, household consumption, and government investment.
Businesses invested $53 billion in WA in 2023 - the highest level of private investment in more than seven years, growing by a massive 10.7 percent in annual terms.
Household consumption increased by 2.7 per cent in 2023, the strongest of all states and territories, with consumption holding up much better in WA than nationally (which grew by 1.1 per cent).
Growth in government investment in WA was also the strongest of all jurisdictions, increasing by 18 per cent in 2023 underpinned by the Cook Government's record investment in infrastructure, including METRONET, major road projects and new energy infrastructure to help decarbonise the State's economy.
Western Australia's domestic economy has grown by a cumulative 20 per cent since the onset of COVID-19, the strongest increase of any jurisdiction and more than two thirds higher than growth of 12 per cent over the same period nationally.
Comments attributed to Treasurer Rita Saffioti:
"Today's national accounts data highlight the continued strength and resilience of the Western Australian economy.
"WA is leading the way again - with the fastest growing domestic economy in each of the past two quarters and over the period since the pandemic.
"The strength of business investment is a real vote of confidence in the economy while continued growth in household spending which is running well ahead of other states is also encouraging.
"The fact that WA is the only state or territory domestic economy to grow in each of the past 14 quarters is quite remarkable and demonstrates the resilience of our domestic economy - and highlights that Cook Government's strong economic and financial management that is setting the State up for the future."
