RECENT news out of Canberra suggests the national economy is the best in years. So why don’t we feel that same hot economic buzz in Freo or beyond? Or WA for that matter?
Why does our home grown experience feel so grim? What are we doing so wrong that we’re unable to whoop it up alongside the joyous federal pollies intoxicated by their economic genius?
So we asked the Chook’s wily business development director Bryan Zemunik to take a peek behind the figures Canberra loves to dazzle us with. He says the reality of the “real economy in WA is far from rosy” and the headlines in the national press overflowing with promise “are more like fake news”.
“Far from growing at one per cent over the past quarter, which Australia as a whole achieved according to the Australian Bureau of Statistics, the real measure of the domestic WA economy, State Final Demand, was negative 1.1 per cent for the same period: that is the domestic WA economy actually contracted.”
That is, the WA economy has been heading in reverse at the same time federal pollies are frantically dancing the ‘good news’ tango.
The WA economy and the rest of Australia appear poles apart Mr Zemunik asserted.
“While the Melbourne, Sydney, Canberra bubble may be doing well, the local economy in Fremantle, Perth and WA is not in very good shape at all and it is only the export sector keeping WA afloat.”
He said the political rhetoric from the federal government in Canberra is more like “economic propaganda than the truth”, especially considering the economy of WA and its economic cycles are so very different from the rest of Australia.
Moreover, according to Mr Zemunik, the recent headlines trumpeting one million jobs created in Australia in the past five years belies the fact tens of thousands lost their jobs in the mining sector in WA during this period, with hundreds of thousands of Australians and tens of thousands of West Australians underemployed in casual or insecure part-time jobs.
Mr Zemunik predicted federal politicians may soon realise their rosy ‘fake’ economic news “will not translate into success at the ballot box in WA, but rather in electoral disappointment for them”, meted out by cranky WA voters doing it tough.
by ANDREW SMITH