A State Like No Other
Western Australia is truly a State like no other. Whilst there are many similarities between Western Australia and other Australian states, there are also a number of differences which make Western Australia unique and sets the State apart.- Economic Resilience – The Western Australian economy continues to be resilient and outperform other Australian States across a range of metrics.
- Stable Housing Market – House prices in Western Australia are more affordable than in other states, making the households relatively less exposed to higher mortgage rates.
- Energy Security – The State’s domestic gas policy requires that an equivalent of 15% of exports are available to Western Australian customers with an aim to secure the energy needs.
- Export Powerhouse – Being one of the most productive and diversified mineral and petroleum regions in the world, Western Australia accounts for around a half of Australia’s goods exports.
- Battery Minerals – The value of Western Australia’s battery minerals sales has been rising sharply, supported by a rapid expansion of the electric vehicle industry.
Economic Resilience
During the COVID-19 pandemic and beyond, Western Australia's economy has shown continued resilience.
Economic Growth During COVID-19Western Australian economic growth through the pandemic was the best of the Australian states.
Business Investment During COVID-19Western Australia maintained strong business investment through the pandemic.
Employment During COVID-19Western Australian employment growth was higher than the national level through the pandemic.
Affordable Housing Market
The Western Australian housing market remains affordable in comparison to other Australian states.
House PricesHouse prices in Western Australia are lower than in eastern states and their growth was relatively subdued over the past decade and has been less volatile than other Australian states.
Home LoansGiven the lower house prices, the size of the average Perth home loan is significantly lower than other states, suggesting Western Australian households are less exposed to higher mortgage rates during the current RBA tightening cycle, than the residents of other states.
Housing AffordabilityWestern Australia has the highest average wages of all states, increasing the affordability of housing compared to the other states. The median Perth house price is roughly seven times annual average ordinary time earnings in Western Australia, compared to over 18 in Sydney.
Energy Security
Western Australia has one of the most unique energy systems in the world. Our grids are isolated from the rest of the country, presenting both challenges and opportunities as we work to decarbonise our electricity supply. The State Government is delivering the Energy Transformation Strategy, the plan for taking charge of our energy future to provide clean, reliable, and affordable electricity for all Western Australians. Our State is rich with the natural resources that underpin a renewable energy transition, with great potential to capture the benefits of solar and wind energy, abundant natural gas and a wealth of battery metals.
SWIS Electricity GenerationThe South West Interconnected System (SWIS) serves most of the State’s population. Over the past decade, SWIS renewable capacity has increased from 700 megawatts (November 2012) to around 3,400 megawatts by November 2022. More than 30% of annual generation in the SWIS is renewable energy. Wind generation output more than doubled from 2018 to 2021.
Moving Beyond Coal-Fired PowerThe Western Australian Government has committed to retiring all State-owned coal-fired power generation by 2030, with the first of the closures having occurred in October 2022. The retirement of coal-fired power generators will see SWIS emissions reduce by 40%, and will play a significant role in ensuring the State Government achieves its target of 80% emissions reduction by 2030.
Electricity CostsHousehold and small business power prices are set by the Western Australian Government, and apply uniformly across the State. The State Government also determines the maximum retail tariffs most gas retailers may charge these customers. Household electricity prices have remained stable in WA, where there are greater controls on input costs than in other Australian jurisdictions.
WA Energy
With significant landmass, solar and wind capabilities, mineral resources and LNG exports, Western Australia has a secure and sustainable energy sector.
Find out more about WA EnergyVideo source: Department of Jobs, Tourism, Science and Innovation
Export Powerhouse
Western Australia is one of the most productive and diversified mineral and petroleum regions in the world. It is the major driver of Australian external trade, accounting for around a half of the country’s goods exports. Exports contribute over half to the State’s gross state product.
Share of Merchandise ExportsWestern Australia produced 46% of Australia’s total merchandise exports in 2021-22.
A Strong Export EconomyWestern Australian exports continue to grow.
Lithium ProductionWestern Australia is a significant producer and exporter of lithium.
WA Mining
With vast reserves of natural resources, Western Australia produces more than 50 mineral and petroleum products.
Find out more about WA MiningVideo source: Department of Jobs, Tourism, Science and Innovation
Trade Profiles
The Western Australian Department of Jobs, Tourism, Science and Innovation publishes profiles on WA's economy, major industries and international trade.
WA Trade Profile - October 2023View profile
Image - Fremantle Port. Courtesy Fremantle Ports.
WA Iron Ore Profile - March 2024View profile
WA Battery and Critical Minerals Profile - March 2024View profileImage - Tianqi Lithium Kwinana. Courtesy of Tianqi Lithium Energy Australia.
Other Links
For an overview of the latest key information on the performance of the State's resources industry, click the links below:
- Department of Jobs, Tourism, Science and InnovationVisit site
- Department of Mines, Industry, Regulation and SafetyVisit site
State Sustainability Initiatives
Supporting continuous improvement in ESG outcomes.