by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
European Australian Business : 2008
56 western australia Western Australia – Australia’s Economic Powerhouse Since settlement in 1829, Western Australia has experienced successive waves of migration from the different nations of Europe. The provision of skills, knowledge, capital and drive from these migrants has helped pro- pel Western Australia to the forefront in Australia’s position in the global marketplace. Western Australia is Australia’s eco- nomic powerhouse, with only 10 per cent of the population accounting for over 35 per cent of national exports. In terms of trade with the 27 nations comprising the European Union (EU), our State provides 36 per cent of Aus- tralian merchandise exports, making the EU Western Australia’s third larg- est trading partner. Western Australia’s major exports are its natural resources, providing significant global shares of many es- sential energy and mineral products, including LNG, iron ore, alumina, nickel, mineral sands, gold, diamonds, salt and several rare earths. Diversity of product and scale of production makes Western Australia unique as a global resource province, with high and increasing levels of European investment, capital and ex- pertise. There are strong linkages with Europe’s extensive industrial ca- pacities in terms of supply and related research. A combination of geographical attributes and technological advance- ments - often within or flowing from our resources industry – has allowed Western Australia to undertake active programs in the areas of renewable energy (solar, wave, wind, tidal, geo- thermal and biofuel) and production and process improvements (carbon capture, geo-sequestration, informa- tion and communications technology, and software). Given Europe’s concerns over energy and resource security, Western Aus- tralia is anticipating prominent growth in its partnership with the EU. Indeed, our State is increasingly recognised as a global centre for resource technol- ogy solutions in both established and emerging sectors. Building on these strong economic foundations we have encouraged significant economic diversification. Prominent sectors include marine and defence, energy and mining services, biotechnology and life sciences, radio astronomy, eco-tourism, education, agribusiness, food and wine, and the arts. The importance of Europe as a trading partner for Western Australia should never be underestimated. Not only is