Monthly Updates

Western Australian gross state product rose by 0.5% in 2023-24, with weather conditions dragging on mining output. The wage price index in Western Australia rose by 1.2% in Q3 (unadjusted), to be 3.5% up through the year. Western Australian employment ebbed 1.1k in October, while the unemployment rate ticked up to 4.0%. Perth home prices picked up by 1.1% in November, the most of all the capitals.

The Perth CPI declined by 0.4% in Q3, but rose by 3.8% through the year. Western Australian retail sales volumes rose 0.9% in Q3, which was the strongest rise of all states. The Western Australian unemployment rate declined to 3.6% in September, the lowest level of all states. Western Australian dwelling approvals surged by 11.4% in September, to be up by 73.0% through the year.

The RBA left its interest rates unchanged in September. The Western Australian unemployment rate was 3.9% in August, while employment rose by 3.1% YoY. Western Australian retail trade increased by 0.4% in August, to be 4.5% up through the year. In September, Western Australian Treasury Corporation released an investor focused publication ‘Decarbonising Western Australia and Our Trading Partners’.

Western Australian real state final demand rose 0.9% in Q2 2024, to be up 4.0% through the year. The Western Australian wage price index rose by 0.8% in Q2, to be 4.2% up through the year. Employment in WA rose 13.4k in July, while the unemployment rate of 3.7% remained the lowest of the states. Annual growth in the Australian monthly CPI indicator slowed to 3.5% in July from 3.8% in June.

Western Australia was the only state to see a rise in retail sales volumes in Q2, of 0.9%. The Perth CPI rose by 2.1% in Q2, taking the annual rate of consumer price inflation to 4.6%. WA employment rose 5.0% YoY to June and the unemployment rate was 3.8%, the best result nationwide. According to CoreLogic, Perth home prices rose by another 2.0% in July, the most of all capital cities.

Western Australian real state final demand fell 1.0% in Q1 2024 but was 4.1% higher from a year earlier. Western Australian employment rose 28.0k in May and the unemployment rate declined to 3.6%. The Australian monthly CPI indicator accelerated 0.4ppts to 4.0% YoY in May. The CoreLogic Perth home value index rose 2.0% in June, to be up 23.6% through the year.