Monthly Updates

Western Australian state final demand rose by 1.1% in Q4 2024, to be up 2.7% through the year. These increases were the largest of all Australian states. The strongest 0.7ppts contribution to quarterly state final demand growth came from a 3.6% rise in business investment, driven by higher non-dwelling construction (+2.9%) and spending for machinery and equipment (+4.0%). investment.

The RBA reduced the cash rate target by 25bps to 4.10% in February. The Western Australian wage price index rose by 0.7% QoQ and 3.3% YoY in Q4 2024. Western Australian employment rose by 4.2% over the year to January, with the unemployment rate at 3.6%. Western Australian retail sales picked up by 0.4% in January, to be up by 5.5% through the year, most of all states.

Perth CPI increased by 0.7% in Q4, to be up 2.9% through the year. Western Australian employment rose by 9.7k in December, while the unemployment rate remained at 3.3%. Western Australian retail trade increased by 0.2% in December, taking the annual growth rate to 6.3%. According to CoreLogic, Perth home prices rose by 0.4% in January, to be up by 17.1% through the year.

Western Australian real state final demand rose a seasonally adjusted 0.7% in Q3 to be up 2.5% YoY. Employment increased a seasonally adjusted 15.3k in Western Australia in November and the unemployment rate fell to 3.3%. Western Australia accounted for 44% of Australia’s total merchandise exports in October. Perth home prices rose 0.7% in December, to be up 19.1% YoY.

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.