Western Australia’s economic growth continues to lead the nation, with the state’s gross state product for 2006-07 up 6.3 per cent and almost double the national growth.
Western Australia’s economic growth continues to lead the nation, with the state’s gross state product for 2006-07 up 6.3 per cent and almost double the national growth.
According to the latest Australian Bureau of Statistics data, WA recorded the strongest growth of all the states in 2006-07, followed by the Northern Territory, up 5.6 per cent, the Australian Capital Territory, up 5 per cent, and Queensland, up 4.9 per cent.
Growth in New South Wales, South Australia, Tasmania and Victoria was below the national GDP growth of 3.2 per cent.
WA also had the strongest growth in GSP per capita, up 4.1 per cent.
Business investment was a major growth driver, contributing 4.5 percentage points to the annual GSP growth, followed by household consumption, which contributed 2.4 percentage points.
The ABS put growth of the state’s domestic economy, as measured by State Final Demand, at 8.8 per cent in 2006-07, higher than the Chamber of Commerce and Industry WA’s estimate of 7 per cent and the Department of Treasury and Finance’s conservative 6 per cent.
WA recorded the strongest volume growth in gross value added, or gross product by industry, of all the states, up 6.8 per cent. The main drivers were construction (up 15.7 per cent) and mining (up 12.6 per cent).
Agriculture, forestry and fishing was the only sector to record negative growth.
In current price terms, the GSP grew by 17.6 per cent over 2006-07, putting the state’s economy at an estimated value of $141.4 billion, on the back of higher commodity prices.
In other key economic indicators, WA had the strongest growth in household final consumption expenditure volume, which was up 5.5 per cent, and growth in private gross fixed capital formation, up 16.2 per cent.
The latter was due mainly to strong non-dwelling construction investment, up 33 per cent on last year to $15.2 billion.
The latest wage price data for the September quarter shows WA’s wages growing faster than all of the states, up 5.7 per cent on the same period last year and up 1.8 per cent for the quarter.
The biggest increases by industry from last September quarter were mining, up 5.4 per cent, construction, up 4.8 per cent, and manufacturing, up 4.5 per cent.
The lowest increases were in communications services, accommodation, cafes and restaurants, and retail trade.
Average weekly earnings for all employees rose 3.2 per cent in the August quarter to $943.90.
The discrepancy between male and female full-time earnings continues to widen, with male full time total earnings rising 2.1 per cent compared with 1.2 per cent for females.
In original terms, female full-time total earnings are almost 30 per cent less than the male equivalent, at $1,370.30 and $971.00 respectively.
Total earning by all female employees is almost half that of their male counterparts, at $1,187.20 and $662.60 respectively, according to the ABS.
