Commsec’s chief economist, Craig James recently voiced his belief that a rise in retail spending, population growth and an improvement in housing finance figures collectively point to a positive outlook for Western Australia’s economy.
“We’ve got retail spending growing at a 3.3% annual pace, the fastest in six and a half years,” said Mr James indicating the retailers are doing better.
Mr James also commented that property market data was equally encouraging including lowered rental vacancy rates, population growth and an increase in housing finance, “The other thing boosting confidence, boosting spending, is that home prices are starting to rise again; even in places like Perth, home prices are starting to lift.” Craig James also believes that tax reform as well as more rail infrastructure should be priorities of the government to make Australia more competitive.
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This is a summary of the article ‘WA outlook improving” by Matt Mckenzie | Business News | Thursday, 27th February 2020.