Resources to continue WA boom 'for decades'
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 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.”
The report follows the release of Commsec’s Economic Insights report, which showed the WA economy had grown by 3.2 per cent in the March quarter, with the State also achieving the nation's lowest unemployment rate of 4.2 per cent.
The Treasurer said the State’s engineering sector could expect good times ahead, with Deloitte’s predicting the demand for the sector would continue to grow for some time, led by projects such as:
- the $43billion Gorgon LNG Project
- BHP Billiton’s Rapid Growth iron ore project, with Stages 5 and 6 worth $6.7billion and $3.2billion respectively
- $8.9billion Prelude FLNG project being undertaken by Shell
- $7.3billion Roy Hill iron ore project that Hancock Prospecting will begin in the near future.
“Deloitte’s estimates that WA contributes 14.9 per cent of the overall output in the Australian economy, while currently only having approximately 10.3 per cent of the nation’s population. This is projected to rise to 15.4 per cent by 2015-16,” Mr Porter said.
Further information is available here.