Figures from the Australian Bureau of Statistics (ABS) reveal that the Western Australian economy has been resilient in the face of the COVID-19 pandemic.
According to the Treasurer, Ben Wyatt (pictured) the ABS June quarter report indicates Western Australia was the only State to experience growth for the 2019-20 year, growing 1.1 per cent.
Treasurer Wyatt said the State confronted COVID-19 from a position of strength, with its growth in domestic economy in 2019-20 the strongest in seven years.
“This growth in the midst of a pandemic was underpinned by strong business investment, which grew by 9.3 per cent, in part driven by the mining sector which was able to continue operating throughout the pandemic,” Mr Wyatt said.
“Economic activity was also supported by Government support and stimulus measures.”
He said the economic results demonstrated the importance of Western Australia’s hard border closure in protecting the health of Western Australians and the local economy.
“As other States have discovered, and these results highlight, taking a more reactive approach to suppress outbreaks as they emerge is incredibly risky not only to public health but the economy,” Mr Wyatt said.
“Constantly changing the rules to deal with outbreaks is bad for business confidence and, in turn, bad for the economy as we have seen in States with open borders.”
He said the Government was taking action to return the economy to its pre-COVID growth trajectory as quickly as possible, supporting businesses and getting Western Australians back to work.
The ABS June quarter report can be accessed at this PS News link.
