Where the wealth comes from in Western Australia 

Nov 21, 2023 | State News, Steve Thomas MLC

The Shadow Treasurer Dr Steve Thomas says that the release today of the State Accounts by the Australian Bureau of Statistics makes it obvious where Western Australia’s wealth comes from – the mining sector.

“Today’s report demonstrates that the Western Australian economy gets it wealth from exactly the same place as the Western Australian State Government – the mining sector” Dr Thomas said.

“The mining sector, in particular iron ore, is why the Government has had $18.6 billion in surpluses over the last four years.

“The ABS acknowledges this fact in the report when it says that “Mining (3.3%) was the lead contributor to growth with increased production of iron ore due to new mining capacity and fewer disruptions due to weather and labour availability.”

“Treasurer Rita Saffioti was correct to thank the “hard work of WA business and families” in her media statement today, but it is utterly fanciful to ascribe the result to “economic management by the WA Government”.

“This is a mining led boom, assisted by the agriculture, forestry and fishing sector.
“Given that the Cook Labor Government is damaging agriculture (see live export), has destroyed forestry (ending the industry) and undermined fishing, they can hardly claim any credit for growth in these areas.

“And with red tape and regulations still hampering the mining and gas sector, the Government can hardly claim the credit for what is in reality the industry’s own hard work.

“Western Australia’s economy is still booming despite the economic management of the Cook Labor Government, not because of it.

The State Accounts are available on the ABS website at Australian National Accounts: State Accounts, 2022-23 financial year | Australian Bureau of Statistics (abs.gov.au)

The chart below is taken directly from the ABS report says it all!