THE strength of Western Australia's economy is no surprise given the level of business investment, Treasurer Troy Buswell says.
A report by equities trader CommSec says that WA's economy is expected to remain the best performing in the nation this year, underpinned by its growing population.
The report released on Monday showed the state had the strongest retail trade, equipment investment, completed construction work and population growth, but second-placed Northern Territory had closed the gap.
WA was the second strongest state or territory with regard to retail trade and housing finance.
On unemployment, it ranked third while it placed fifth on dwelling starts.
CommSec said both WA and the Northern Territory were likely to hold their top positions over 2013, thanks to population growth.
Digital Pass $1 for first 28 Days
Mr Buswell said the state's strong performance was no surprise, with much of the strength driven by business investment.
It was "head and shoulders" above other states and territories in equipment investment, Mr Buswell said.
"Strong population growth, including high rates of international recruitment & migration services to the state, demonstrates confidence in current conditions and future prospects for WA," he said in a statement.
WA is one of three Australian states - alongside NSW and Victoria - to hold a AAA credit rating with Standard & Poor's and Moody's Investors Service.
But the ratings agencies warned in December that the mining state was at risk of losing this rating because of high debt levels.
In its Mid Year Economic Review released last month, WA's Liberal government warned the state's books were tipped to slide into the red by $187 million in 2013/14 amid softer mining royalties.
The Barnett government expects a surplus of $140 million for the current financial year, down from the budget estimate of $196 million, although iron ore prices have bounced back since that estimate.
A report by equities trader CommSec says that WA's economy is expected to remain the best performing in the nation this year, underpinned by its growing population.
The report released on Monday showed the state had the strongest retail trade, equipment investment, completed construction work and population growth, but second-placed Northern Territory had closed the gap.
WA was the second strongest state or territory with regard to retail trade and housing finance.
On unemployment, it ranked third while it placed fifth on dwelling starts.
CommSec said both WA and the Northern Territory were likely to hold their top positions over 2013, thanks to population growth.
Digital Pass $1 for first 28 Days
Mr Buswell said the state's strong performance was no surprise, with much of the strength driven by business investment.
It was "head and shoulders" above other states and territories in equipment investment, Mr Buswell said.
"Strong population growth, including high rates of international recruitment & migration services to the state, demonstrates confidence in current conditions and future prospects for WA," he said in a statement.
WA is one of three Australian states - alongside NSW and Victoria - to hold a AAA credit rating with Standard & Poor's and Moody's Investors Service.
But the ratings agencies warned in December that the mining state was at risk of losing this rating because of high debt levels.
In its Mid Year Economic Review released last month, WA's Liberal government warned the state's books were tipped to slide into the red by $187 million in 2013/14 amid softer mining royalties.
The Barnett government expects a surplus of $140 million for the current financial year, down from the budget estimate of $196 million, although iron ore prices have bounced back since that estimate.
No comments:
Post a Comment