Monthly Updates

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.

Western Australian Treasury Corporation issued a new 4.50% fixed rate coupon bond maturing on 21 July 2032. Western Australia is estimated to have registered another fiscal surplus in 2023-24. Western Australian retail trade was 1.7% up over the year to April. Western Australian unemployment rate rose to the still low 3.9% in April, but employment was 2.8% up YoY.

The Perth CPI rose by 0.6% in Q1, to be 3.4% up from a year ago. Western Australian retail sales rose 0.6% in March to be up 2.5% from a year earlier. Western Australian employment rose 0.7k in March, to be 4.1% up YoY, while the unemployment rate fell to 3.4%. Western Australian dwelling approvals rose 1.5% in March, to be up 21.4% YoY.

Western Australian retail sales increased 0.3% in February, to be up 1.6% through the year. Western Australian employment rose 26.3k in February and the unemployment rate fell to 3.6%. New dwelling approvals in Western Australia rose 11.4% in January. Annual growth in the Australian monthly CPI indicator was steady at 3.4% in February.

Western Australian gross state product rose by 0.8% in Q4, to be 5.5% up through the year. The wage price index in Western Australia picked up by 0.8% QoQ and 4.7% YoY in Q4. Western Australian employment rose by 0.7k in January, while the unemployment rate stood at 4.2%. January also saw a 0.7% rise in retail trade in Western Australia, which took the annual growth rate to 1.8%.

The Perth CPI rose 1.5% in Q4 due to the unwinding of energy bill relief, however, the annual inflation rate of 3.6% was the lowest of the mainland capital cities. Western Australian employment fell 5.7k in December and the unemployment rate rose 0.2ppts to 3.9%. Dwelling approvals rose 7.9% in December and were 15.1% higher than in December 2022.