New Areas of Growth in Western Australia
new areas of growth identified for WA in the new year.
- (1888PressRelease) April 27, 2017 - Western Australia is looking to new areas of growth in key sectors such as agriculture, technology and tourism as the economy transitions from predominately resource driven investment.
The 8th Annual WA Major Projects Conference hosts a panel discussion on the recent decline of the resources boom and emerging opportunities in other industries. Sectors that have potential to grow and strengthen the state's economy include tourism, infrastructure and agriculture. President of the Royal Agricultural Society of WA, Rob Wilson, joins the panel to share his expertise and explore innovations in the agriculture sector.
WA Chamber of Commerce & Industry, Chief Economist Rick Newnham will also deliver a presentation at the Conference on the significant challenges and new opportunities available to Western Australia in the wake of the post-mining boom.
The growth in Liquefied Natural Gas (LNG) exports across WA has surged, with three projects underway in Prelude, Wheatstone and Ichthys, off the north coast of WA. Over $200 billion is already invested in liquefied natural gas (LNG) projects in Australia and the value of exports is forecast to increase by 41% in 2016-2017. Exports in 2016 reached 36.8 million tonnes, a 37.7 per cent increase on the 26.7 recorded in the previous year, the report found. National Oil and Gas Leader at Deloitte, Bernadette Cullinane, will discuss the associated challenges and opportunities at the WA Major Projects Conference.
WA has retained its title as the top state for production, attracting 65 per cent of the nation's total mineral exploration expenditure mainly due to increases from major commodities such as iron ore, gold and petroleum products.
While resources remain weak, commercial construction activity across the state is set to ramp up within the next year with an estimated increase of up to 40% in commercial projects due to start, including works on the Forrestfield Airport link, shopping centres and apartment towers. According to economist John Nicolaou, Director of ACIL Allen Consulting, 30 000 new construction jobs could be in the cards as works begin. After the resources downturn, this is a much needed boost for WA.
Nicolaou will be discussing challenges associated with funding and planning models the Western Australian government can use to improve vital infrastructure projects in the face of a weakening capacity to fund them, including alternatives such as user-pays, public-private partnership and privatisation.
The 8th Annual WA Major Projects Conference is taking place on the 20th- 21st of June at the Perth Convention and Exhibition Centre.
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