Western Australia’s economy continues to whither on the vine, with yesterday’s national accounts recording a fifth consecutive quarterly decline in final demand, falling by 0.3% in the March quarter:
As shown above, the Western Australian economy is experiencing its fourth recession when measured by real final demand.
Meanwhile, annual final demand fell by 1.5% in the year to March:
At the same time, Perth dwelling values continues to fall, down 1.8% over the May quarter and by 8.9% year-on-year:
Western Australian dwelling construction continues to languish:
As does capex:
This suggests there’s more downside ahead.