- Western Australia continues to power the nation accounting for 17 per cent of the national economy in 2024-25, more than 1.5 times its population share
- WA's domestic economy was the strongest of the mainland states in 2024-25, growing by 3 per cent
- Household consumption growth remains the strongest of the states supported by buoyant labour market conditions
- Business investment consolidates at high levels, accounting for almost one fifth of national investment
- Over the past six years, WA's domestic economy has grown by 27.8 per cent, the strongest in the nation, and far outpacing growth nationally
- Gross State Product grew by 1.3 per cent, the second strongest of the states, with exports impacted by adverse weather events and commodity specific factors
Western Australia continues to be the economic powerhouse of the nation accounting for 17 per cent of the national economy in 2024-25 - more than 1.5 times the State's population share.
Western Australia recorded the strongest growth of its domestic economy of all mainland states in 2024-25, according to Australian Bureau of Statistics (ABS) data released today.
The results show the Cook Government's strong budget management, commitment to economic diversification, investment in jobs, health, and housing is continuing to deliver.
The strong result was supported by household consumption, which grew by 2.4 per cent, the strongest growth of all states and more than double the national growth rate of 1.1 per cent.
Consumption was supported by WA's buoyant labour market - with the strongest employment growth and lowest average unemployment rate over the financial year.
The results reflect the WA Labor Government's commitment to developing a skilled and productive workforce for the future by generating quality jobs for Western Australians.
Business investment consolidated at high levels at over $60 billion, growing by almost 40 per cent in the last six years, and accounting for almost one fifth of national investment.
Dwelling investment grew by 6.2 per cent over the year, underpinned by growth in new dwellings and accords with WA experiencing the strongest growth in building completions, up 25 per cent in 2024-25.
The WA Government remains committed to ensuring every Western Australian can access a home and is boosting housing supply through range of measures including unlocking land for housing, cutting red tape, helping more people buy their first home, and boosting the housing construction workforce.
The strong growth in Western Australia's domestic economy builds on several years of robust growth, which is up 27.8 per cent since 2018-19 - compared with growth of 17.4 per cent nationally.
The State's Gross State Product grew by 1.3 per cent in 2024-25, the second strongest of the states, with commodity exports impacted by adverse weather conditions and commodity specific factors. Despite this, Western Australia continued to account for almost half of the nation's goods exports during the year.
As stated by Premier Roger Cook:
"Today's figures prove my government's vision for keeping Western Australia's economy the strongest in the nation is the right one for our State.
"The data shows household spending and business investment driven by our world-leading resources industry.
"Thanks to my government's record of strong financial economic management, we can continue to diversify our economy for the future and prioritise the things that matter to Western Australians.
"That means ensuring every Western Australian can get a quality job, have a home, and access the healthcare they need, when they need it."
As stated by Treasurer Rita Saffioti:
"Today's ABS data continues to highlight that Western Australia is the economic powerhouse of the nation, with WA remaining the most productive State.
"Our economy continues to fire on all cylinders, with growth in household consumption the highest of the states, the strongest labour market, and the number of homes built jumping 25 per cent in the last year.
"We continue to punch above our weight with our goods exports accounting for almost half of the nation's total and business investment - almost one fifth of the national total.
"Over the past six years, we've had a stellar run with our domestic economy growing by 27.8 per cent, the strongest in the nation, and far outpacing the 17.4 per cent growth nationally."
