Hon Christian Porter BA(Hons) BEc LLB(UWA) MSc(Dist)(LSE) MLA

Hon Christian Porter BA(Hons) BEc LLB(UWA) MSc(Dist)(LSE) MLA

Former Treasurer; Attorney General

    WA confirmed as the powerhouse economy of the nation

    28/07/2011 12:00 AM
     
    Western Australia was today described as ‘the heavyweight champion of the Australian landscape’ by Deloitte Access Economics’ Investment Monitor.

    The report also praised the State for having the highest value of planned projects for health and education, confirming the Liberal-National Government’s commitment to these key areas of social infrastructure.

    Over the next four years, the State Government is spending $4.5billion on health infrastructure, $1.6billion on education infrastructure, $3.6billion in water and $4.2billion in energy infrastructure.

    The report revealed that WA led the way in investment growth volume, with $41.94billion in extra investment since March 2010.  New South Wales came in a distant second with only $9.60billion.

    Treasurer Christian Porter said the continued growth in investment was an 18.9 per cent increase in the 17 months to March 2010, with the figures showing WA accounted for nearly a third of investment throughout the nation.

    “Deloitte’s identified that WA and Queensland account for 54 per cent of the value of projects in the ‘Investment Monitor’ database - 52 per cent of definite projects by value and 55 per cent of projects in planning by value,” Mr Porter said.

    “As revealed in Deloitte’s quarterly business outlook report, predictions for WA show a strong foundation for the next decade and strong future economic opportunities.”

    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.

    “The Liberal-National Government’s sound economic management was recognised by Deloitte’s, with their analysis showing that only WA and Victoria are predicting net operating surpluses across all years to 2013-14,” the Treasurer said.

    “Of great importance to all Western Australians, whether or not they are involved in the mining and resource industry, the report highlighted WA leading the way in terms of current and future social infrastructure investment, stating that with the exception of Queensland and WA, the level of planned investment in national health and education projects in other states was low.

    “It is pleasing to see the strength and even greater potential of our State being recognised and the report proves we are getting the job done in terms of building the necessary infrastructure for growth.

    “While some have criticised WA’s level of net debt, this is what is required to build for the State’s social and economic future.

    “If these projects are not started now, then not only would growth be stifled in the near future, but the next generations would not have these long-life assets to benefit from.”

    Mr Porter said the State Government’s asset investment program, which totalled $26.5billion over the forward estimates period and $7.6billion in 2011-12 alone, would have been a key reason for WA achieving such recognition from Deloitte’s.

    “Further to the record asset investment program, this Government’s also announced a $1billion overall social services package in May’s State Budget,” he said.

    “This included a $600million boost for the not-for-profit sector aimed at helping the State’s most vulnerable people.

    “Being able to deliver both record breaking levels of investment in infrastructure for future generations and also provide immediate help for people in need is a benefit to the State that can’t be seen in economic spreadsheets but it will have real benefits to people’s lives.”

    The Treasurer said the WA community was already seeing the rewards of this economic success through such projects as:
     
    • Fiona Stanley Hospital
    • the purchase of 45 new rail carriages
    • WA’s biggest increase in bus service kilometres in more than a decade
    • the $505million down-payment for the $1.2billion New Children’s Hospital
    • $325million over five years to upgrade health infrastructure in the Mid-West, Wheatbelt, Goldfields-Esperance, Great Southern and South-West regions through the Southern Inland Health Initiative.

    Treasurer's office - 9222 8800