WA going gangbusters

3/12/03
Western Australia's economy is still going gangbusters, according to the latest economic data released today.
Acting Premier Eric Ripper has welcomed the September quarter State final demand results showing the domestic economy grew by 2.1 per cent, on top of growth of 3.3 per cent in the June quarter.
This took annual average growth in the domestic economy to eight per cent, the highest level in five years.
Mr Ripper said the growth was good news but the Government was not resting in its efforts to develop an even stronger economy with more jobs and opportunities.
"The Government's planned electricity market reforms, now in the Legislative Council, are designed to increase competition, stimulate investment and drive down the high electricity prices which are a handbrake on the economy," he said.
"The Premier is securing WA's place as a major exporter by promoting our goods and services to the United States market."
The Acting Premier said strong economic growth did not guarantee robust State finances.
"We have to be disciplined in our management of State finances because most of the revenue from economic growth flows to the Commonwealth Government," he said.
"WA gets a raw deal from the Commonwealth and is left to fund education, health, police services and public sector wage claims with an ever decreasing share of national revenue."
Mr Ripper said the growth in the domestic economy was broadly based with strong business investment, dwelling investment and household consumption.
"Business investment rose by 5.7 per cent in the quarter, an unprecedented sixth quarter of expansion," he said.
"This has led to record annual average growth in business investment of 27.6 per cent.
"Dwelling investment grew by 2.3 per cent in the quarter, with annual growth of 7.8 per cent recorded."
Mr Ripper said Queensland was the only State to better WA's quarterly results with 2.9 per cent growth. But in annual average terms, WA's growth of eight per cent was the strongest of all States.
Acting Premier's office: 9222 8788