FACTSheet #7, September 2015 Indicates no change from FACTSheet #6, March 2015 Indicates an increase from FACTSheet FACTSheet #6, March 2015 Indicates a decrease from #7, September 2015 FACTSheet #6, March 2015 Introduction Gross state product2 • Western Australia’s The economy 1 This latest FACT Sheet produced merchandise exports rose 8% by the Committee for Perth in volume terms in 2013-14. Population growth 2 contains a snapshot of key This was the largest contributor to GSP growth ahead of Labour market 2 facts relating to the current performance of Western Australia household consumption Industry sector employment 2 and its capital Perth. which was up 2% and dwelling investment up 11%. Annual business investment 2 It draws on data from a range • Business investment fell 11% in of sources including FACTBase volume terms in 2013-14. Quarterly business investment 2 reports, government departments • Merchandise exports are expected to rise by an annual Iron ore and LNG prices 2 and media sources and will be updated regularly. average of 6% in the five years Major minerals and petroleum 3 to 2018-19, offsetting falling sale by value business investment over the The economy 1 period. Iron ore and LNG sales outlook 3 Western Australia’s gross state by volume 3 product (GSP) was $265 billion Industry contribution Exports 3 in 2013-14, contributing 17% of • Mining made the largest Australia’s gross domestic product industry contribution to GSP Merchandise trade 3 (GDP). GSP per capita was growth in 2013-14, with real $103,770, 53% higher than the value added rising 11%. Major trading partners 3 national average of $67,932. • Other industry sectors contributing to GSP growth Major iron ore export markets 3 included agriculture, forestry by volume Western Australia’s population in the December quarter 2014 and fishing up 59%, non-market Iron ore exports 3 was 2.58 million (11% of the service industries, including national population). The 2015 public administration and Major iron ore exporting ports 4 Western Australia Tomorrow safety; health care and social report forecasts that the State’s assistance; and education and LNG sales 4 population will rise to 3.27 million training up 5%, construction up by 2026. 4%, market services industries Quarterly merchandise exports 4 up 1% and utilities - electricity, Services trade 4 • Western Australia’s real GSP gas, water and waste services rose 5.5% in 2013-14, following up 1%. Construction Industry 4 4.6% growth in 2012-13, and • The manufacturing industry was above annual average detracted from GSP growth in Apprentice commencements 5 growth of 4.9% over the past 2013-14 (down 3%). 10 years. • The mining industry Apprentices in training 5 • GSP is forecast to rise 3.25% in accounted for 30% of GSP Employment of females 5 2014-15, 2.0% in 2015-16 and in 2013-14. Market services 3.5% in 2016-17. industries comprised 28% and Employment of Aboriginal 5 • Australia’s GDP rose 2.5% to construction 12% of GSP. and Torres Strait Islanders $1,584 billion in 2013-14 and • Mining industry nominal value is forecast to rise by 2.5% in added rose 18% to $79 billion in Reforming and Reshaping 5 2014-15 and 2.75% in 2015-16. 2013-14. • Nominal value added in market Lifestyle 7 • Weighted annual average GDP growth of Western services industries rose by 5% to Knowledge and innovation 8 Australia’s major export $74 billion and construction by markets was 5.6% in 2013, and 1% to $33 billion in 2013-14. Acknowledgments 9 is expected to decline to 4.9% • Nominal value added in in 2014 and 4.8% in 2015. agriculture, forestry and fishing rose by 64% to $7 billion in 2013-14. FACTSheet #7 September 2015 | 1 FACTSheet #7, September 2015 Population growth 4 • In 2014-15, employment rose Quarterly business in market services industries, 8 • Western Australia’s population up 35,250 or 5.6%, non-market investment rose 1.6% in 2014, following services industries up 21,650 or • Business investment in Western 2.5% growth in 2013. This was 6.9%, construction up 7,125 or Australia fell 6.7% to $14.2 lower than the annual average 5.1% and agriculture, forestry billion in the March quarter growth of 2.6% in the past 10 and fishing up 3,600 or 12.8%, 2015. years. but fell in all other industries. • Engineering construction work • The population was 2,581,250 • Mining employment fell 12% done fell 7.3% to $8.2 billion in in 2014, 40,117 more than 12,900 in 2014-15, due to falls the March quarter 2015. a year earlier. Net overseas in metal ore mining, down • Mining new capital migration contributed 47% 15,450 or 26), exploration and expenditure fell 14% to $10.5 (18,901) of the growth in 2014. other services employment billion in the March quarter • Population growth is forecast down 1,175 or 4.5% and oil and 2015 – not adjusted for to slow from 2.6% in 2013-14 to gas extraction (down 375 or seasonal factors. 1.9% in 2014-15 and then rise 3.4%), offsetting a rise in ‘other’ to 2.2% in 2017-18 and 2018-19, mining1 up 2,525 or 21%. according to the 2015-16 State • Business investment Budget. contributed 26% of Western Iron ore, LNG and Australia’s GSP in 2013-14. 9 • The State accounted for resource prices 26% of Australia’s business 5 • The value of minerals and Labour market investment in 2014 and 50% petroleum sales in Western of the value of Australia’s Australia fell 0.9% to $114.1 • Employment in Western resource projects under billion in 2014. Australia grew 0.3% or 4,200 construction or committed in • The Reserve Bank of Australia’s to 1.38 million in June 2015. April 2015. non-rural commodity price Employment grew 2.3% or • In March 2015 there was index fell 21.6% in 2014-15, 30,900 through the year $179.3 billion of resource down 17.5% in 2014. to June 2015, higher than projects under construction or • The Australian dollar exchange Australia’s growth of 1.9%, committed in Western Australia rate fell 9.4% to US82.9 cents 224,500. and a further $118.4 billion in 2014-15, down 6.4% in 2014 • The State’s unemployment under consideration. rate was 5.8% in May 2015; and is forecast in the 2015- higher than the 5.1% in the 16 State Budget to average previous month. Australia’s US75.9 cents in 2015-16. unemployment rate was 6.0% Annual business • The monthly average price in June 2015. investment7 of iron ore rose 5% to US$63 • The State’s annual average a tonne in June 2015. The annual average price fell 42% employment is forecast to • Business investment in Western to US$72/t in 2014-15, down grow by 1.75% in 2015-16, with Australia fell 9.4% in real terms 28% to US$97/t in 2014 and is an average unemployment in 2014, compared to annual forecast to fall to US$47.5/t in rate of 6.25%, according to the average growth of 12.5% over 2015-16. 2015-16 State Budget. the past 10 years. • The monthly average price of • The value of business LNG fell 5% to US$9.5 a million investment fell 8% to $63.8 British thermal unit in June 2015. billion in 2014. Industry sector The annual average price fell • The value of private new 6 14% to US$13.8/mmbtu in 2014- employment capital expenditure of 15, down 1% to US$16.0/mmbtu selected industries in Western in 2014. • Market services industries Australia fell 0.4% to $55.8 • The monthly average price of accounted for 48% of Western billion in 2014, which was 36% crude oil rose 1% to US$59.8 a Australia’s employment of the Australian total. barrel in June 2015. The annual in 2014-15. Non-market • The value of mining new average price fell 32% to services industries of public capital expenditure fell 1.2% to US$69/bbl in 2014-15, down 5% administration and safety; $46.2 billion in 2014; 55% of the to US$93/bbl in 2014. health care and social Australian mining total. • The monthly average price assistance; and education and of gold fell 1% to US$1,181.5 training contributed 24.5%, an ounce in June 2015. The construction 10.8% and mining annual average price fell 6% to 6.9%. US$1,223/oz in 2014-15, down 10% to US$1,266/oz in 2014. FACTSheet #7 September 2015 | 2 FACTSheet #7, September 2015 Major mineral and agricultural commodities Major trading partners 10 including wheat, barley, oats, 14 petroleum sales grain sorghum, canola, cotton, 2014 apples, grapes, hay, lupins, • Western Australia’s iron ore nursery production, potatoes, • China was Western Australia’s sales fell 6.2% to $65.1 billion tomatoes, cattle and calves, largest export market in 2014 in 2014, 57% of minerals and sheep and lambs, pigs, poultry, ($63.5 billion or 51%), followed petroleum sales, with sales wool, milk and eggs, rose 31% by Japan ($24 billion or 19%). volumes up 25% to 697 million to $7.1 billion in 2013-14. • China overtook Japan as the tonnes. • The value of wheat production State’s largest export market • LNG sales rose 18% to $15.6 rose 41% to $3.0 billion in 2013- in 2006.