Picture of economy looks bleak
Wealth inequality across WA is growing despite the end of the mining boom, a landmark report into the State economy has found, while also arguing areas of potential growth are struggling to escape the shadow of the resource sector.
The Bankwest Curtin Economics Centre report Back to the Future: WA’s Economic Future After the Boom, paints a sober picture of the challenges facing the State.
Figures confirm a further fall in full-time employment, which has edged down for 20 consecutive months.
Growing levels of bankruptcy and mortgage arrears, coupled with falling house prices are all signs of WA’s economic issues.
The Curtin report confirms the boom delivered unprecedented growth in employment, wages and overall economic activity.
It also increased income inequality while the cost of living, particularly for low-income earners, soared.
As the mining boom ebbed, the difference between the haves and have-nots was expected to narrow.
However, that occurred.
“The wealthiest 20 per cent of households now account for 65 per cent of all household net wealth, while the poorest 20 per cent hold less than 1 per cent,” the report says.
It found areas expected to grow — food, tourism and agriculture — which employed more than twice the number of people as mining were still struggling. has not