WILL the release of some good economic numbers this week lead to increased consumer and investor confidence and ultimately benefit struggling shops and businesses in North Wanneroo?
Thursday, September 5 Treasurer Ben Wyatt said the National Account figures confirmed that Western Australia had the fastest growing economy in the nation with a strong quarter of positive growth.
Mr Wyatt said growth in business sales was the highest of any state with 3.8 per cent growth in the June quarter, while at the same time WA was the only state with growing construction and retail sectors.
This is good news for the WA economy but of cold comfort to some North Wanneroo businesses and retail outlets that have been forced to close in the past six months and their employees who have lost their jobs.
When Mr Wyatt gave a speech at a business breakfast last Friday he said behind construction (($932.5 million) wholesale and retail trade combined ($857.3m – National Institute of Economic and Industry Research 2017-18 data) were very important industries to the City of Wanneroo economy.
But anecdotal evidence indicates some businesses in North Wanneroo including Yanchep have been doing it tough for a couple of years.
Some business owners have said the loss of Club Capricorn, which provided accommodation, means fewer visitors to the Yanchep area, some have blamed high rents while others say more people have been leaving than arriving since the end of the mining boom.
Others say more residents buying more locally would improve businesses’ bottom line.
Mr Wyatt said the growth rate of 0.8 per cent in the June quarter was the state’s highest quarterly growth since 2017, and the highest of any state.
“Today’s data is very good news for WA,’’ he said.
“It shows the McGowan Government’s plan is working and the WA economy is once again starting to drive the nation.
“The job is far from done but these are all signs that confidence is continuing to return to the WA economy which is good news for households, business and job seekers alike.’’
At the business breakfast Mr Wyatt said the McGowan Government was investing more than $500m in the Yanchep rail extension to support ongoing population growth and reduce congestion.
No doubt North Wanneroo business owners hope there will be some improvement in consumer sentiment and business and investor confidence once the 14.5km rail extension from Butler with stations at Alkimos, Eglinton and Yanchep gets underway.