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Let resources sector drive the West's recovery: WA

Let resources sector drive the West's recovery: WA

By Ryan Ellem on May 15 2019


Western Australia’s resources sector has fired up again with record iron ore exports tipped for this financial year. Today, in our latest edition of our election series, we look at WA.

Western Australia

After a challenging six years, WA is showing green shoots of recovery, again led by the resources sector.

The Australian Government’s Office of Chief Economist report in May tipped iron ore exports for 2018-19 would hit a record $278 billion.

Vincent Siciliano, Managing Director of LJ Hooker Commercial Perth, implored the future Federal Government to allow the state to build upon its recovery.

The Commonwealth Government’s annual GST distribution will result in WA’s national share rising from 4.9% this financial year to 5.4% in 2019-2020. The uplift equates to an increase of more than $400m.

It represents an increase in relativity of 47.2 to 51.8 cents in the dollar; the WA State Government had budgeted for 56.1 cents.

“There’s significant inequity in the share of GST WA receives against our contribution to GDP,” said Mr Siciliano.

“Our recovery will be led locally by the resources sector. What we hope is that the Federal tier doesn’t try and seize on the recovery in mining as they’ve tried to do in the past, propping up the populations in the eastern states.

“A buoyant resources sector can be seen in the direct employment of miners and sales of utility vehicles in the Pilbara, right through to the office vacancy rate in the CBD, West Perth and other fringe suburbs. Even the main streets of coastal towns like Mandurah and Bunbury, which are popular bases for FIFO workers, stand to win.

“WA has been the Golden Goose before. With the full effects of the resources sector yet to be felt, we hope Canberra lets WA regenerate on its own over the coming years.”

In the recent Federal Budget, the logistics corridor linking Perth Airport with the northern distribution routes received a boost through $348.5m for upgrades of the Tonkin Highway.

There was also $207.5m for level crossing removals at Oats Street, Welshpool Road and Mint Street.

For media information:
Ryan Ellem
PR & Communications Consultant

E: rellem@ljhooker.com
M: 0427 916 020

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