Go West: Why The Sun Is Yet To Set On Perth's Economy [Forbes]
WESFARMERS LTD UNSP/ADR (WFAFY)
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Source: Forbes
But there's one part of the country where the bad news hasn't arrived yet. The west. The economy of Western Australia remains in remarkably shiny shape. According to a report released today by the right-leaning Institute of Public Affairs (IPA), WA leads other states on three key measures of low taxes, energy prices and high wages growth, and comes in second for jobs growth and business investment. The IPA ranked it the nation's best economic performer. The next chart shows the increase in insolvencies for various states for the year-to-date period, compared to the equivalent period last year. It shows that for most of the country, things are considerably worse than they were. But from Margaret River up to Broome? Not so much. Up just 14% from what were historically low rates of business failure in early 2023. We see a similar phenomenon in economic growth. WA is far outstripping the other big states. As the next chart shows, only the territories are outstripping WA when it comes
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