Moody’s report shows WA economy and finances continue to lead the way

• Latest Moody’s report shows the Western Australian economy and finances leading the nation
• Report highlights Western Australia as an outlier compared to other States
• Moody’s highlighted the Cook Labor Government’s “prudent financial management” as a key strength
• Analysis reaffirms the WA Labor Government’s experience in managing the State economy and finances
• The Liberals and Nationals pose a significant risk to the Western Australian economy

Ratings agency Moody’s has released its latest report into the economy and finances of the States and Territories, with Western Australia continuing to lead the way.

Moody’s highlighted the Cook Labor Government’s “prudent financial management” as one of the key strengths of the State’s economy and finances.

Unlike the rest of the states and territories, where debt levels are skyrocketing and affordability is worsening, Western Australia’s debt burden has declined and remains the lowest in the country, less than half of next lowest State.

The report also found that while public sector spending was the main driver of economic growth and job creation in all other States, private sector investment was the main driver in Western Australia, highlighting the strength of WA’s economy.

WA remains the only jurisdiction in the country with a triple-A credit rating from both major rating agencies.

Under the Liberals and Nationals, both triple-A credit ratings were lost, with multiple downgrades and net debt skyrocketing from $3.6 billion to $44 billion as they left WA in a multi-year domestic recession, with historically high unemployment.

Through strong financial management and investment to boost the State’s economy, the Cook Labor Government turned the State’s finances around and regained both triple-A credit ratings.

Since WA Labor came to Government in 2017, more than 343,000 jobs have been created in Western Australia with the unemployment rate remaining at or below 4 per cent for the past three years.

For the past five years, Western Australia’s economy has led the nation growing by around 24 per cent, stronger than any other State.

Comments attributed to Treasurer Rita Saffioti:

“This report highlights the strength of our economy, and the work the Cook Labor Government has done to get the finances back under control and make our economy the engine room of the nation."

“The report describes the Cook Labor Government’s ‘prudent financial management’ as a key strength, with WA continuing remaining the best economy in the nation."

“The Liberals and Nationals trashed our economy and finances the last time they were in Government, and their complete lack of experience makes them a significant risk to the prosperity of our State and the jobs of Western Australians."

“It’s astounding that the Liberals and Nationals have no plan to address some of our most pressing economic issues like the constraints on container trade."

“Unlike the chaos and dysfunction of the Liberals and Nationals, only WA Labor has the experience and a plan to keep our economy strong, net debt under control and create well-paid jobs for Western Australians.”