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Parliamentary Questions

Question Without Notice No. 854 asked in the Legislative Council on 19 September 2018 by Hon Charles Smith

Parliament: 40 Session: 1

Answered on 19 September 2018

GROSS STATE PRODUCT GROWTH

854. Hon CHARLES SMITH to the minister representing the Treasurer:

I refer to the Western Australian Department of Treasury using only gross state product growth measures in its budget papers.

(1) Taking into account population growth, does the Treasurer concede that GSP alone does not provide an accurate assessment of how much income has gone up or down?

(2) Will the Treasurer include GSP per capita in future state budget papers, therefore providing a more precise snapshot of how the average resident has gained or lost economically?

(3) If no to (2), why not?

Hon STEPHEN DAWSON replied:

I thank the honourable member for some notice of the question.

(1) Although the Western Australian Department of Treasury does not publish separate forecasts for growth in gross state product per capita, the measure can be derived from published forecasts for GSP growth and population growth. It is also worth noting that GSP and GSP per capita are two alternative estimates of the volume of goods and services produced in the state, hence they tend to move together. Western Australia has recorded the highest GSP per capita of all states since 1992–93.

(2) No.

(3) The measure can be derived from published forecasts for GSP growth and population growth in the annual budget papers.