A report published by Deloitte Access Economics shows that the Western Australian economy is set to continue to prosper for decades on the back of jobs and export growth.

 

State Treasurer Christian Porter welcomed the Investment Monitor report, saying that it reaffirms WA as a driving force behind the Australian economy.

 

“Deloitte’s pointed to the fact that WA is seeing the planning and implementation of lifelong assets as a sign that the State’s residents will benefit from these planning decisions for years to come,” Mr Porter said.


“Key figures from the report’s economic forecasts showed WA will increase its international exports to a staggering $165billion by 2015-16, with the unemployment rate to hold steady below four per cent from 2012-13 onwards.”

 

Deloitte’s identified current resource projects such as the $43billion Gorgon LNG Project and BHP Billiton’s $9.9billion Rapid Growth iron ore projects as key to WA’s success.


Projects in the planning stages would continue the economic growth, with Hancock’s $7.2billion Roy Hill Project and Chevron’s $25billion Wheatstone project providing further strong outlook.

 

Western Australia and Queensland account for 54% of the value of projects in the Investment Monitor database – 52% of definite projects by value and 55% of projects in planning by value. Following the money will be stronger economic opportunities for these jurisdictions as well. That is increasingly the case for WA, though for Queensland some of the strong investment agenda is making up for flood and cyclone devastation. Still, the output losses have mostly passed and the reconstruction spending is now underway, which should help Queensland’s economy soon motor ahead.

In other States, infrastructure agendas are solid for now, while NBN investment spending will get larger over the next few years and be increasingly broadly based. However, the absence of significant new investment in office, retail and tourism facilities means the key population centres of Sydney, Melbourne and Brisbane are underperforming on the investment front. With interest rate risks still in play and consumers cautious, regional areas may take the bulk of investment spending for some time yet.

 

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