WA economy “roaring back to life”: State Treasurer

• Western Australia’s economy has almost recovered from the coronavirus pandemic, according to the State Treasurer
• Ben Wyatt made the comment’s during a mid-year budget review earlier this week where he announced WA was in a stronger position than expected
• Sky-high iron-ore prices, a housing construction boom and an increase in employment are all being credited for the speedy recovery
• The WA Treasurer is now expecting a $2.2 billion surplus for the 2020-21, an increase of almost $1 billion
• Additionally, the Treasurer revealed the number of jobs in WA is now higher than it was pre-COVID-19

Western Australia’s economy has almost recovered from the effects of the coronavirus pandemic, according to the State Treasurer.

Ben Wyatt made the comment’s during a mid year budget review announced earlier this week where he stated WA was in a stronger position than expected.

“Western Australia’s economic outlook is nation-leading, if not world-leading, he said in a statement.

“WA’s handling of COVID-19 and the fact we were able to get Western Australians back to work so quickly has seen our economy roar back to life,” he added.

“Business and consumer confidence is sky-rocketing in our State,” the Treasurer concluded.

A surge in iron-ore prices, a government-led housing construction boom and an increase in employment figures are all being credited for WA’s speedy recovery.

Iron-ore is selling at an eight-year high, pushed up by strong demand from China and low output from Brazil’s main producer Vale.

Meanwhile, both the federal and state government have announced stimulus measures designed to boost construction in the housing market.

First Home Owners Grant data out this morning for November 2020 showing strong response to WA Government stimulus.

Applications in November are nearly three times the monthly average in 2019.

Relative to November last year, FHOG applications were 157% higher in November 2020. pic.twitter.com/uhmNZqm6B0

— Ben Wyatt MLA (@benwyatt) December 15, 2020

In a post to social media, the Treasurer stated that WA’s first home owner grant application more than doubled last month.

In terms of employment, new figures from the Australian Bureau of Statistics (ABS) show the number of jobs in WA now exceeds pre-COVID levels.

“Since the height of restrictions in April, 108 per cent of jobs lost have been recovered, which is the highest proportion of jobs recovered in the nation,” the Treasurer said.

WA’s strengthening economy is highlighted in today’s Weekly Payroll data.

WA is now the only State where the number of jobs created now exceed jobs lost due to COVID.

Between April and November 108% of the jobs lost have now been recovered. #roaring

— Ben Wyatt MLA (@benwyatt) December 15, 2020

The state is now expecting a $2.2 billion surplus for the 2020-21, an increase of almost $1 billion compared to the previous estimate released earlier this year.

Net debt is also expected to peak at $41.4 billion in 2024, down $1.4 billion than previously estimated in the budget.