The Western Australian economy continues to deliver substantial economic prosperity and its resilience to the COVID-19 pandemic has been the envy of other states. As of 2021-22 Gross State Product (GSP) per capita in WA reached $135,320, some $52,000 above the national average. The direct benefits to WA’s households from such economic activity are both tangible and significant.

Much of this prosperity has been driven by the strength of the state’s international trade in goods and services, led by Western Australia’s mining and resources sector. In 2021-22 merchandise exports accounted for 59 per cent of the WA economy as measured by GSP. This compares to national exports contributing less than a quarter (23%) to the Australian economy.

Most economies around the world have been exposed to the fallout from disrupted global supply chains and emerging geopolitical tensions. And the resulting inflationary pressures and lack of supply have had a direct and consequential effect on households’ economic wellbeing and caused governments across the globe to reflect on their national supply chain security.

This report provides information to support discussions and decisions related to diversifying the WA economy, and to capitalise on the future global opportunities that are emerging. The key findings and recommendations outlined in this report provide a valuable addition to the evidence base on WA’s strategic positioning and its response to the changing face of global trade.