Western Australia’s domestic gas reserve helped the state dodge the massive increases in energy prices suffered by the east coast, and Perth enjoyed the lowest inflation rate of any capital city.
“The gas industry is absolutely critical, the key thing here is what WA has enjoyed is successive governments that have recognised the economic contribution and value of gas and have therefore developed those resources,” Chamber of Commerce and Industry WA chief economist Aaron Morey said. Mr Morey said Perth’s isolation did, however, leave it more exposed to supply chain disruptions. “There is a bit of a silver lining to our isolation in a couple of areas, but in some respects, it is a disadvantage,” he said.ABS head of prices statistics Michelle Marquardt said relatively flat utility price increases in WA were a major factor keeping inflation down in Perth, and the places West Australians holidayed were becoming cheaper than those on the east coast.
“So for [the] March quarter, Perth had a lower increase in the other capital cities primarily due to travel costs, gas prices went up but not nearly as much as they did in other capital cities, and fuel prices fell a bit more than they did in the other capital cities.”Annually, utilities in Sydney increased almost 22 per cent, whereas they jumped by almost 17 per cent in Melbourne. The average annual rise in gas prices of 26.2 per cent is the largest on record, according to ABS figures.