The Western Australian economy is stable, vibrant and growing rapidly.
It was valued at A$217 billion in 2010-11 and it grew 3.5 per cent in real terms, mainly driven by increased business investment, household consumption and mining activity. In the same period, WA accounted for 16 per cent of the Australian economy, above its 10.3 per cent share of the population.
WA now has the highest per capita gross state product (GSP) atA$93,593, which is 50 per cent higher than the national average of A$62,424.
The state also contributed 24 per cent (A$49 billion) of Australia's business investment, which rose 13 per cent over 2010-11.
Western Australia's unemployment rate was 4.3 per cent in November 2011, unchanged from the previous month and lower than the 4.4 per cent of a year earlier. The Department of Training and Workforce Development estimates a potential shortfall of 76,000 workers in the Stae by 2014-15.
In September 2011 there was A$138 billion of resource projects under construction or committed in WA, and a further A$169 billion under consideration.
Good fiscal and economic management has enabled the State to continue to budget for a surplus and to maintain its AAA rating by Standard and Poor and Moodys.
The State is in the same time zone as China and most of South East Asia. If we allow +/- 2.5 hours, it is in the same time zone as over half the world’s population.
Western Australia is eight hours ahead of the UK during the UK winter months. During British Summer Time, there is a window of one to two hours per day where direct office to office work-day communication can take place between Perth and London.
The State's capital city, Perth, was recently listed 8th on The Economists 2011 list of most liveable cities in the world.
The State has a huge natural endowment of energy resources (oil, gas, coal, sunlight) and a wide array of world scale mineral deposits. It has a strong agricultural sector and immense tourism potential.
Record investment levels pushed the value of the State's mineral and petroleum industry to a record A$138billion in November 2011.
In 2010, Western Australia produced over a fifth of the worlds iron ore (21 per cent), 15 per cent of alumina, and 12 per cent of nickel.
WA accounted for a large percentage of Australia's production of many minerals in 2010:
- all of Australia's nickel, diamonds and garnet
- 97 per cent of iron ore and salt
- 87 per cent of LNG
- 70 per cent of gold
- 66 per cent of ilmenite
- 63 per cent of alumina
WA also produced 78 per cent of Australia's crude oil and condensate in 2010-11.
The Department for State Development calculates private new capital expenditure in selected industries1 in Western Australia rose 21 per cent to A$37 billion in 2010-11 - 31 per cent of the nation's total.
1 Excludes agriculture, forestry and fishing; public administraitona and safety; education and training; health care and social assistance; and superannuation funds.
With a well educated population, international education facilities, world class technology development facilities, along with good infrastructure and an encouraging government, the State has much to offer in trade and investment. The location of the State makes it close to South and North Asia, and Australia's gateway to Africa. Its well established relationships with these regions is an added benefit for those companies seeking a base to move into those markets.
The Government of Western Australia is proactive in initiating and supporting Western Australian trade to international markets and in promoting inward investment to the State. The Government has a network of offices throughout the world for this purpose.
Please visit the Department of State Development website to view the latest WA monthly economic profile.
