A new Economic Narrative for WA

It is time for the creation of a new narrative about the WA economy…

Perth (and therefore Western Australia) is in a very special place at a very special time… not since the development of the Swan Colony has its been so important to the nation… after all we were originally an outpost to stop the French from taking possession of the western part of Australia – imaging if that had happened! merde!

Our location now is of vital importance with the change of the balance of world economic power to create the Asian Century

I was reminded about this when corresponding with John Nicolaou from CCI WA about a previous post of mine and more recently in an article in last week’s WA Business News.

Some of the comments from Ian Satchwell from ACIL Tasman were right on target (and aligned to what we have talked about before) including this:

“WA is about to experience a once-in-several-generations level of investment and economic activity. Construction of resources projects will not only generate jobs and business, but will also lead to a long-term increase in the value of minerals and energy production, which could be at around double 2010 levels as soon as 2017.

This activity will provide the platform to transform the economy from one that is driven by minerals and energy to one that is also driven by technology and knowledge. WA’s resources industry with world-scale operations in both minerals and petroleum, and its proximity to Asia, position Perth as a service centre for the region. Perth is already a centre of excellence in minerals and energy education, R&D, engineering, environmental services, legal services and production technologies. There is a great opportunity to develop the city as a knowledge-intensive service centre like Houston and Aberdeen.”

Does anyone read ‘Knowledge Economy’ in that?  If not you should.

With an unprecendented growth period on our doorstep now is the time for action and coordinated policy change.

I’ll speak more about the importance of Asia to WA in future posts… until then.

Tom

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