Economic Growth Chart
Merchandise Exports Chart
Labour Market Chart

Economic and fiscal outlook

WA’s economy is firing on all cylinders, with 4.7% domestic growth in 2023, more than twice the growth of the national economy.

  • Our economy has been fuelled by the strongest business investment in more than a decade, record infrastructure investment by our WA Labor Government, and the strongest population growth on record – 94,000 people in a year.
  • WA accounts for nearly half of national exports, generating almost $260 billion in wealth for the nation.
  • More than 1.6 million Western Australians are employed, and our WA Labor Government has now created more than 300,000 jobs since coming to office in 2017.
  • Unemployment is the lowest in the nation at 3.4% and has been sustained at historic low levels for the second longest period in recorded history.
  • Perth CPI has moderated to 3.4%, below national inflation of 3.6%.


Net operating balance
Asset investment program
Total Public Sector Net Debt as a share of GSP

The 2024-25 Budget highlights WA’s nation-leading economic and financial management.

  • A sixth consecutive operating surplus of $3.2 billion is forecast in 2023-24, in line with last year’s estimate.
  • A $2.6 billion operating surplus is projected in 2024-25 with operating surpluses over the forward estimates period.
  • This Budget continues our record investment in infrastructure, with $42.4 billion to be spent over the next four years.
  • Net debt is expected to be lower than forecast at $28.6 billion in 2023-24, more than $15 billion lower than projected when WA Labor came to office.
  • Compared with other States and Territories, Western Australia’s net debt is relatively stable and the most affordable in the nation.
  • Relative to the size of the State’s economy, net debt as a percentage of Gross State Product is expected to remain at just 9.7% by 2027-28 - unchanged from the forecast last Budget and lower than any other jurisdiction.


Page reviewed 9 May 2024