Helping more WA Families buy their First Home
Boosting WA Tourism
Helping businesses create traineeships and apprenticeships
Supporting WA Agriculture
Bringing railcar manufacturing back to WA
Redeveloping East Perth Power Station
Growing WA Aquaculture

The State of the WA Economy

The McGowan Labor Government is focused on creating jobs, repairing the State’s finances and supporting the ongoing recovery in the Western Australian economy.

  • Western Australia’s economy continues to grow, with Gross State Product expected to increase by 2% in 2018-19.
  • This is despite a deterioration in the global and national economic outlook. The IMF recently downgraded global growth forecasts, and household consumption and dwelling investment have been impacted nationally by tighter access to credit and falling house prices in response to the Banking Royal Commission.
  • The McGowan Government has responded with its Keystart stimulus package to support home ownership and jobs in the construction sector and the lowest increases to household charges in 13 years.
  • Growth in GSP is expected to accelerate to 3.5% in 2019-20, and 3% in 2020-21 onward, with further growth in exports and the domestic economy becoming the major driver of growth.
  • A substantial lift in business investment is expected for the first time in seven years in 2019-20.
  • This plus the McGowan Government’s increased investment in METRONET and road projects are expected to support employment growth.
  • A stronger labour market, increased population growth and improved consumer confidence are expected to underpin a lift in household consumption and dwelling investment.
  • The continued growth of the WA economy in a challenging economic environment is a sign of our growing resilience and diversification, with the McGowan Government funding key areas to help continue to diversity our economy.
Page reviewed 9th May 2019