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Deputy Premier; Treasurer; Minister for State Development
Engineering construction hits record high
24/01/2006 1:00 AM
Treasurer Eric Ripper today welcomed new ABS figures showing that engineering construction in Western Australia is at historically high levels.
Mr Ripper said that the sector had recorded more than $1.6billion worth of construction during the September quarter.
“The level of growth during the September quarter has hit historically high levels - up 20.7 per cent on the previous quarter,” the Treasurer said.
“WA has recorded the highest quarterly growth rate of all the States, with Queensland recording 11.5 per cent growth and South Australia a decline of 4.5 per cent. Nationally the growth rate was just 4.3 per cent.
“Once again, WA is way out in front of the pack when it comes to economic growth.”
The engineering construction sector includes roads, bridges, railways, ports, water, electricity, telecommunications and heavy industry.
Growth in heavy industry construction was up by 34.8 per cent; roads, highways and subdivisions up by 31.9 per cent; and electricity and pipelines up by 30.3 per cent.
The figures coincide with new forecasts from Access Economics predicting the WA economy (GSP) will grow by 5.3 per cent in 2005-06. Nationally, Access’s forecast for GDP growth for 2005-06 has been revised downwards to 2.7 per cent.
The State Government is helping to build a stronger economy in WA by:
maintaining a highly competitive tax regime as a percentage of GSP;
spending a record $18.2billion on capital works over four years;
establishing the State Infrastructure Strategy to look at WA's infrastructure needs for the next 20 years;
fast-tracking WA's system of approving major resource projects;
maintaining the State's AAA credit rating; and
tackling skills shortages by delivering 4,000 new apprenticeships and traineeships since February 2005.
Treasurer's office: 9222 8788