From: http://au.news.yahoo.com/thewest ... gest-hit-in-decade/
Economy takes biggest hit in decade
Shane Wright Economics Editor, The West Australian
June 6, 2013, 6:08 am
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The WA economy has taken its biggest blow in more than three decades, with miners dropping projects and householders shutting wallets.
Economic activity across the State had its biggest contraction since the 1982-83 recession in the six months to March 31, Australian Bureau of Statistics figures reveal.
The national economy grew 0.6 per cent in the March quarter, giving Australia annual growth of 2.5 per cent to be near its 23rd consecutive year without a recession.
But WA, for so long the nation's economic driver, is becoming a passenger.
State final demand, which excludes exports and imports, shrank 3.9 per cent in the March quarter after a 0.9 per cent contraction in the previous three months.
Private capital works spending, largely for mining, fell almost 12 per cent in the quarter as companies wound back expansion plans.
A year ago, WA's final demand was growing at an annual rate of 16 per cent. Growth is now zero.
Imports, such as machinery for miners, fell 15 per cent in the past six months and even the value of exports has fallen.
It's not just miners. Household spending, so long supported by the mining boom, fell for the first time since the global financial crisis.
Despite the sharp falls, overall economic activity remains at elevated levels. But the fall is showing up in the State's jobless rate, which has climbed to 5.2 per cent from 3.5 per cent in May last year.
Federal Treasurer Wayne Swan said the figures for WA reflected the way mining investment was rolled out across the State.
"What you are seeing principally in the case of Western Australia is the impact of lumpiness," he said.
Mr Swan said rather than falling sharply, mining capital works would gradually edge down and be replaced by an increase in exports.
That lift in exports would help boost the national economic performance, pushing up growth a full percentage point.
But the March quarter predates the sharp 20 per cent fall in iron ore prices in the past three months.
The national accounts confirmed a lift in productivity, which is growing at 2 per cent a year, and a fall in labour costs. They also showed domestic spending remains constrained with households continuing to save more than 10 per cent of their income.
AMP Capital chief economist Shane Oliver said Australia continued to do well on international comparisons, but the GDP result showed the economy was weak.
Mr Oliver said the economic future depended heavily on people responding to cuts in interest rates.
He said the March quarter accounts showed Australia was likely to need more help as the mining boom faded in lower rates and a lower Australian dollar to make manufacturers, tourism and higher education more competitive.
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