Economic Overview

Print

The Western Australian economy presents as stable, vibrant and rapidly growing. At 2.5 million square kilometres, Western Australia covers one third of Australia’s land mass, has 10 per cent of Australia’s population (2.05 million) yet produces 36 per cent of the country's exports.

The economic growth rate for the State has consistently been above 5.0 per cent and this is forecast to continue. Unemployment rates have also been low, reaching 3.0 per cent in 2006/07, although more recently the global downturn has led to a rate of 5.4 per cent.

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 daylight savings in the UK 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 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. Perth has been ranked 5th most liveable city in the world in the Economist Intelligence Unit's 2009 Liveability survey.

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 vis-à-vis South and North Asia, and 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.