CCIWA plays an active role in informing the business community on issues related to the State and national economy and State and Federal Government finances. And our economics team has their finger on the pulse when it comes to the Western Australian economy.
Leaning on our international and national experience, our economists link local business impact to global events. They work hard to keep our Members ahead of the pack with their knowledge of how the economy is evolving and the impact it may have on their business.
The CCIWA Business Confidence Survey is the longest running and most comprehensive business survey in WA. Produced quarterly it covers businesses of all sizes and sectors across the state and includes:
- Expert analysis about the short and medium-term business confidence
- Comprehensive data regarding issues such as labour costs, profitability, and capital expenditure
The recent cold snap has been unable to take the heat off Western Australian business confidence, with the short-term outlook accelerating to fresh highs in June.
Ongoing strength in the mining sector continues to be the most significant factor driving confidence, followed by the optimism around the domestic vaccine rollout and low interest rates.
At the same time, Western Australian businesses reported significant concerns about rising skilled labour shortages. Close to 80 per cent of survey respondents indicated they are struggling to fill a skilled occupation, up from 54 per cent in the previous quarter.
The first of its kind in the State, the CCIWA Consumer Confidence survey provides invaluable insights into the attitudes and sentiments of Western Australian consumers.
- Short and medium-term expectations of economic conditions provided by metropolitan and regional consumers
- The major concerns for consumers in the current economic climate – including spending habits, employment prospects and financial health
Winter has arrived, but Western Australians show no signs of singing the winter blues.
After skyrocketing to record highs at the end of 2020, Western Australian consumer confidence has held firm in first half of this year. Both short and longer term expectations continue to sit well above levels recorded before the pandemic — yet another indication that the WA economy is running hot.
Outlook is a biannual CCIWA publication that provides expert forward-looking economic analysis. It contains:
- Analysis of the state, national and international economies
- Economic forecasts on key indicators such as inflation, the labour force and employment
Produced by our well-informed and market-conscious economics team, Outlook makes sure you stay ahead of the current and expected changes in economic conditions.
August 2021 Report
When COVID-19 first arrived on Western Australia’s shores just over one year ago, the WA economy copped a belting. In the blink of an eye, the domestic economy collapsed to the same level it was in 2010, nearly 100,000 jobs evaporated, and community sentiment plummeted to record lows.
Since then, COVID-19 has hardly landed a punch, and the domestic economy has climbed off the canvas and roared back to life. Indeed, Western Australia is one of very few jurisdictions (globally) that has officially transitioned from ‘recovery’ to ‘expansion’.
In this edition of Outlook, we unpack the key forces underpinning WA’s remarkable recovery and outline how the economy could evolve in the months and years ahead.
Western Australia’s regions are the engine room of the WA economy, supporting a range of key export industries, including resources, agriculture and tourism.
Regional Pulse breaks down key results from the CCIWA Business Confidence Survey, providing insights into the conditions facing businesses in WA’s regional centres. The report contains:
- Comprehensive data on key economic indicators across the regions, including profitability, capital expenditure, production, labour costs and employment.
- The major barriers facing regional businesses over the next 12 months.
On average, a higher proportion of businesses in every WA region are expecting stronger conditions over both the short and longer-term compared to those expecting weaker conditions. Looking to the next three months, six out of ten(61%) businesses in regional WA expect conditions to strengthen-almost six times the proportion expecting conditions to worsen (11%).
Produced quarterly, our inflation update provides charts and tables on consumer price trends in Perth and all the capital cities.
- Perth CPI rose 1.9 per cent over the June quarter (following a 1.4 per cent rise last quarter) and 4.2 per cent over the year*
- So, what drove the quarterly improvement?
- Electricity (+91.2% q/q) following the unwinding of the WA Government’s $600 household electricity credit.
- Automotive fuel (+7.3% q/q)
- Rents (+2.6% q/q) due to strong demand reflected in low vacancy rates, as well as the end of the moratorium on rental reviews. Looking at evidence from non-ABS data sources, however, it’s clear the “Rents” component of CPI has much more to go…
*It is important to note that both the quarterly and annual growth figures have been propped up by ‘base effects’ – primarily driven by unwinding of the government’s childcare and electricity subsidies.