Indicates no change from FACTSheet #5, September 2014 Indicates an increase from FACTSheet FACTSheet #5, September 2014 Indicates a decrease from #6, March 2015 FACTSheet #5, September 2014 Introduction Gross state product The Economy 1 • Western Australia’s This latest Fact Sheet contains merchandise exports rose 8% Population growth 2 a snapshot of key facts relating in volume terms in 2013-14. to the current performance of This was the largest contributor Labour market 2 Western Australia and its capital to GSP growth ahead of Perth. Industry sector employment 2 household consumption up 2% and dwelling investment up Annual business investment 2 It draws on data from a range 11%. of sources, including FACTBase • Business investment fell 11% in Quarterly business investment 2 reports, government departments volume terms in 2013 -14. and media sources and will be • Merchandise exports are Iron ore and LNG prices 2 updated regularly. expected to rise by an annual Major minerals and petroleum 3 average of 6% between 2014- sale by value 15 and 2017-18, offsetting falling The economy1 business investment over the Iron ore and LNG sales outlook 3 period. by volume Western Australia’s gross state Industry contribution 3 Exports 3 product (GSP) was $265 billion in 2013-14, contributing 17% • Mining made the largest of Australia’s gross domestic Merchandise trade 3 industry contribution to GSP product (GDP). GSP per capita growth in 2013 -14, with real Major trading partners 3 was $103,770, 53% higher than value added rising 11%. the national average of $67,932. • Other industry sectors Major iron ore export markets 3 The state’s share of national by volume contributing to GSP growth population was 11.0% or 2.57 included agriculture, forestry million people in the March Iron ore exports 3 and fishing up 59%; non- quarter 2014, and is projected by market industries – including the Australian Bureau of Statistics Major iron ore exporting ports 4 public administration and (ABS) to rise to 12.2% (3.32 million) LNG sales 4 safety; health care and social by 2022-23. assistance; and education and Quarterly merchandise exports 4 training - up 5%; construction • Western Australia’s real GSP up 4%, services industries up 1% Services trade 4 rose 5.5% in 2013 -14, following and utilities up 1%. 4.6% growth in 2012 -13, and • The manufacturing industry Construction Industry 4 was above annual average detracted from GSP growth in growth of 4.9% over the past Apprentice commencements 4 2013-14 down 3%. 10 years. • The mining industry accounted Apprentices in training 5 • GSP is forecast to rise 2.75% in for 30% of GSP in 2013-14. 2014 -15 and 3.0% in 2015 -16. Services industries comprised Employment of females 5 • Australia’s GDP rose 2.5% to 28% and construction 12% of $1,584 billion in 2013 -14 and GSP. Employment of Aboriginal 5 is forecast to rise by 2.5% in • Mining industry nominal value and Torres Strait Islanders 2014-15 and 3% in 2015 -16. added rose 18% to $79 billion in • Weighted annual average Reforming and Reshaping 5 2013-14. GDP growth of Western • Nominal value added in the Lifestyle 7 Australia’s major export services industries rose by 5% to markets is expected to rise $74 billion and construction by Knowledge and innovation 8 from 4.9% in 2012 to 5.5% in 1% to $33 billion in 2013 -14. both 2013 and 2014. • Agriculture, forestry and fishing Acknowledgments 9 nominal value added rose 64% to $7 billion in 2013 -14. FACTSheet #6 March 2015 | 1 FACTSheet #6, March 2015 4 (6,100) in 2013-14, due to falls done fell 2% to $10 billion in the Population growth in other mining (down 5,825 June quarter 2014. It fell 3% to or 32.5%), metal ore mining $43 billion in 2013-14. • Western Australia’s population (down 4,575 or 7%) and oil • Mining new capital rose 3.2% in 2013, following and gas extraction (down 600 expenditure fell 1.5% to $12 3.6% growth in 2012, and was or 5.5%), offsetting a rise in billion in the September above annual average growth exploration and other services quarter 2014 (not adjusted for of 2.6% in the past 10 years. employment (up 4,900 or 23%). seasonal factors). • The population was 2,550,874 • Business investment in December 2013, 71,301 contributed 26% of GSP in more than a year earlier. Iron ore and LNG 2013-14. The state accounted 9 • Net overseas migration for 27% of Australia’s business prices contributed 64% (45,401) of the investment in 2013-14 and growth in 2013. 51% of the value of Australia’s The value of minerals and • Population growth is forecast resource projects under petroleum sales in Western to slow from 3.5% in 2012-13 construction or committed in Australia rose 20% to $122 billion to 2.6% in 2013-14 and 2.1% October 2014. in 2013 -14. The Reserve Bank of in each year to 2017-18, • In September 2014, there Australia’s non-rural commodity according to the 2014-15 State was $160 billion of resource price index fell 10% in 2013 -14, Budget. projects under construction or down 8% in 2013. The Australian 5 committed in Western Australia dollar exchange rate fell 11% to Labour market and a further $108 billion under US91.5 cents in 2013 -14 and is consideration. forecast by the Western Australian • Employment in Western Treasury to fall to US90.6 cents in Australia rose 0.3% (4,700) to 2014 -15 and US84.9 cents by 2017 1.39 million in November 2014. Annual business 7 -18. • Employment grew 2.5% investment (51,300) through the year to • The monthly average price November 2014, higher than • Business investment in Western of iron ore fell 9% to US$74 a Australia’s growth of 1.2% Australia fell 11% in real terms tonne in November 2014. The (140,000). in 2013 -14, compared with annual average price fell 3% • The state’s unemployment annual average growth of 13% to US$123/t in 2013-14 (up 5% rate was 5.2% in November in the past 10 years. to US$135/t in 2013) and is 2014; higher than the 5.1% • The value of business forecast by Treasury to fall to in the previous month and investment fell 9% to $69 billion US$115/t by 2017-18.1 4.2% a year earlier. Australia’s in 2013 -14. • The monthly average price unemployment rate was 6.3% • The value of private, new of LNG fell 10% to US$13.9 a in November 2014. capital expenditure of million British thermal unit in • The state’s annual average selected industries in Western November 2014. The annual employment is forecast to Australia fell 4% to $56 billion in average price fell 2% to grow by 1.5% in 2014 -15, with 2013 -14; 35% of the Australian US$16.0/mmbtu in 2013-14 an average unemployment total (excludes new capital (down 4% to US$16.0/mmbtu in rate of 5.5%, according to the expenditure in the industries 2013). 2014 -15 State Budget of agriculture, forestry and fishing; public administration • The monthly average price of and safety; education crude oil fell 10% to US$76 a Industry sector and training; health care barrel in November 2014. The employment6 and social assistance; and annual average price rose 10% superannuation funds). to US$101/bbl in 2013 -14 (up 4% to US$98/bbl in 2013). • Services industries accounted • The value of mining new capital expenditure fell 3% to • The monthly average price for 47% of Western Australia’s of gold fell 4% to US$1,175 a employment in 2013 -14. Non- $47 billion in 2013 -14; 52% of the Australian mining total. troy ounce in November 2014. market industries comprised The annual average price fell 24%, construction 11% and 19% to US$1,296/oz in 2013-14 mining 8%. Quarterly business (down 15.5% to US$1,411/oz in • In 2013 -14, employment rose in investment8 2013). services industries (up 16,975 or 3%), construction (up 10,925 or • Business investment in Western 8%) and non-market industries Australia fell 4% to $16 billion in (up 5,215 or 2%) but fell in all the June quarter 2014. other industries. • Engineering construction work • Mining employment fell 5% FACTSheet #6 March 2015 | 2 FACTSheet #6, March 2015 Major minerals and produced fell 23% to $5.4 • Merchandise exports mainly 10 billion in 2012-13. (Includes comprised iron ore (56%), LNG petroleum sales wheat, barley, oats, grain (10.0%), gold (9.6%) and crude sorghum, canola, cotton, oil and condensate (7%) in • Western Australia’s iron ore apples, grapes, hay, lupins, 2013 -14. sales rose 31% to $74 billion in nursery production, potatoes, 2013 -14 (61% of minerals and tomatoes, cattle and calves, petroleum sales), with sales Major trading partners sheep and lambs, pigs, poultry, 14 volumes up 23% to 631 million wool, milk and eggs.) 2013-14 tonnes. • Wheat production fell 25% to • LNG sales rose 16% to $14 $2.1 billion in 2012 -13, with • China was Western Australia’s billion in 2013 -14 (12% of volumes down 40% to 7 million largest export market in minerals and petroleum sales), tonnes. 2013 -14 ($72 billion or 55%), with volumes up 1% to 20 • The value of the State’s agri- followed by Japan ($24 billion million tonnes. food exports rose 10% to $6.4 or 18%).