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
59 The resource-rich State feeds Asia’s growth aspirations Western Australia (WA) is experiencing a generational shift in economic growth and export activity as it responds to the rapid industrialisation processes taking place amongst its Asian neigh- bours. The WA Chamber of Commerce and Industry predicts that the outlook for the WA economy remains very positive, with exports expected to take the lead as the key driver of growth. Overall, the WA economy is expected to grow by 6.5 per cent in 2007-08 and 6 per cent in 2008-09. With the capital of Perth closer to Singapore than Sydney, Australia’s western State makes a crucial con- tribution to the nation’s total trade. It produces 38 per cent of the country’s merchandise exports with only 10 per cent of its population, and enjoys a A$38.4 billion trade surplus with the rest of the world. With exports injecting A$60.5 billion a year into the economy, WA is Australia’s export powerhouse. Logistics advantages WA offers a variety of industrial sites. Perth’s central business district is just 7 kilometres from beaches of the Indian Ocean, while an extensive (and toll-free) freeway system places industrial estates in close proximity to the airport’s port facilities. These attributes and others maintain business investment in the State, which has attracted 22 per cent of Aus- tralia’s corporate sector investment in equipment, plant and machinery for the 2006-07 financial year. Global competitor While ‘traditional’ products such as minerals and energy, and wheat and wool still lead exports, WA continues to diversify its economy. Domestic and export trade in communication services, information technology, edu- cation, food and wine are growing in importance, while manufactured ex- ports reached A$4.5billion in 2006-07. WA’s private sector has achieved international success in goods such as high-speed ferries, chemicals, mining equipment, communication devices, processed food and bever- ages. Service sectors have achieved particularly notable successes in health care, education, building and construction, environmental manage- ment, tourism, business services and resources engineering. Biotechnology WA’s biotechnology companies, or- ganisations and scientists are at the leading edge of research and develop- ment. They have many strong links with, and experience in, the European market place. Our credentials in spe- cific areas – biomedical, agricultural and environmental – build on decades of achievement and access to leading research facilities to attract interna- tional interest and investment. With five universities as well as technology parks and research or- ganisations, WA offers a highly skilled and educated work force. These in turn have helped produce world-renowned scientists in these fields, including two recent Nobel Laureates in medicine, and two Australians of The Year who were recognised for their invaluable contributions to medicine. Food and Beverage WA boasts one of the most extensive agricultural regions in the world from tropical longitudes through Mediter- ranean and temperate climates, with well managed fisheries along a 12,500 kilometre coastline. WA’s natural isolation and distance from more pol- luted regions has ensured retention of a highly pristine environment. The WA agriculture industry is also recognised globally as one of the most technologically advanced and innova- tive. Its farmers and their research Perth – A beautiful city by day or night western australia