Western Australia is the main minerals and petroleum exporting state of Australia and its economy benefits from its proximity to the growing markets of Asia.
Western Australia experienced unprecedented business investment growth over the past decade in response to rising commodity prices and demand from China, Japan and other Asian countries. More recently, the economy has entered a new stage of development.
While merchandise export values have fallen due to falling commodity prices, merchandise export volumes are continuing to grow, as production increases from the new capacity created by the investments of the past few years.
This trend is likely to continue in the near term, with merchandise export volumes offsetting falling business investment.
However, the Western Australian economy is in transition to a period of lower growth. As this transition unfolds, economic activity will broaden into other sectors of the economy.
The competitiveness of agriculture, manufacturing, tourism, education and other services exports are no longer constrained by a high Australian dollar as at the height of the resources expansion. Businesses will also benefit from increased availability of labour and lower input costs.
The major mining projects developed over the past decade bring large, ongoing operating and capital expenditures to sustain their operations, creating opportunities for mining services, manufacturing and transport industries and higher operational mining employment.
Western Australia’s extraordinary expansion is unwinding and the economy is returning to historically more typical conditions.
The Department of State Development publishes a monthly report that includes statistical information on the Western Australian economy.
The Western Australian Economic Profile covers the latest trends in the state's:
- gross state product
- industry sectors
- population growth
- labour market
- business investment
- major resource projects
- commodity prices, production, sales and reserves
- international trade in goods and services
- regional minerals and petroleum sales, agricultural production, population and labour markets.
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