There’s no place in the world for business quite like Western Australia – if anything, the last 18 months have only served to amplify that fact.
From the beating iron heart of our economy in the north, to the world-class produce grown by our farmers around the state, to the restaurants preparing and serving up said produce to local customers – our state has overcome significant challenges in recent times with admirable poise and precision.
Geography has played some part in somewhat insulating us, but it has been the leadership of those at the top of the business world combined who, with the right support, have been able to keep things on track for the betterment of all.
Here are some of the key trends which have seen WA stay strong through the hard times.
Things have kept moving through challenging times
We all know this to be true, but the numbers behind it tell a compelling story.
The news has been awash of late with the records recorded recently against all-time iron ore high prices by our largest miners – the top three generating a combined $65 billion in profits last financial year alone (1). The state’s gold industry has thrived as well, contributing strongly as the nation surpassed Chinese gold output over the first half of 2021 for the first time in more than a decade (2).
The housing market is in bloom, with rental availability tightening and new builds surging on a combination of stimulus and ownership dreams. In FY21, WA private sector house approvals rocketed an astounding 107.4% to 22,527 (3).
Even our farmers have had much desired winter rainfall on their side – July 2021 brought in 271.6mm, well up on the 1994-2019 average of 145.3mm (4).
Sure signs of an active economy.
Businesses have demonstrated they can innovate
Changing circumstances and restrictions have been commonplace since early 2020, but WA industry has shown a remarkable ability to adapt.
From the medical field pivoting overnight to telehealth models, to fine dining restaurants diversifying into takeaways and deliveries with no detriment to quality, and tourism operators successfully restructuring with a new focus on domestic travellers – the state’s economic prosperity can be attributed in no small part to innovation.
It’s kept the workforce strong. The July 2021 Bankwest Curtin Economics Centre (BCEC) Labour Market Update highlighted an employment increase of 6500 that month alone (5). State unemployment was just 4.6%.
Sandgropers have shown their support in more ways than one
In many ways lately we’ve seen business and consumers give back to the economy of recent times. The BCEC’s June 2021 Economic Quarterly Commentary highlighted an 11.5% rise in business investment in Q1 of this year, with private capital growth accounting for some 80% of overall domestic economy growth (6). A strong economy breeds business strength.
We’ve shown ourselves to be a giving bunch too across a range of causes. A prime example is Telethon 2020, which broke records to raise more than $46 million for West Aussie kids in need with corporate donors among those digging deep (7).
WA is a special place, our economy, time zone and vast distances make for a unique business environment. Bankwest’s on the ground decision makers and experienced relationship managers understand your business, your market and your state. Find out how Bankwest are helping WA get down to business.