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At a glance

The 2022-23 State Budget confirms the WA economy powers the nation, with the Western Australia domestic economy growing by 7.2% over the two years of the pandemic, the strongest in the nation, and among the best performing in the world.

  • The McGowan Labor Government’s stable and responsible Budget management and safe handling of the pandemic has positioned Western Australia’s economy and finances to be among the strongest in the world.
  • WA’s domestic economy has grown by 7.2% since the start of the pandemic, the strongest of all States and more than double the growth of the rest of the nation.
  • WA is the only mainland State to record Gross State Product growth in 2019-20 and 2020-21 and contributed almost 40% of growth in the national economy over the two years.
  • WA merchandise exports reached a record $240 billion in 2021, accounting for more than half of Australia’s exports.
  • Western Australia’s domestic economy is forecast to grow by 5.25% in 2021-22 and a further 4% in 2022-23, fuelled by household spending, business and government investment, and housing construction.
  • Treasury forecasts that Gross State Product (which includes international trade) will grow by 3.75% in 2021-22 – the fastest rate of growth since 2013-14.
  • The continued strength of WA’s economy throughout the pandemic, including the uninterrupted operations of the resources sector, has provided valuable support to the national economy, resulting in billions in revenue flowing to the eastern States, including through company tax collections and the GST.
  • WA’s strong economic and financial management has reduced net debt in 2021-22 to a seven-year low.
  • WA’s strong surplus is being used to set up our State’s long-term future, including another record health and mental health investment, supporting Western Australians with cost of living, climate action initiatives as well as record investment in infrastructure and a range of measures to diversify our economy and boost capacity.
  • The McGowan’s Government’s Budget management is in stark contrast to the record deficits under the Liberals and Nationals.
  • Page reviewed 12th May 2022