The mining sector, worldwide commerce and difficult border controls helped Western Australia’s economic system thrive through the COVID pandemic, a brand new report says.
WA’s financial resilience was the envy of different states, with items exports in 2021-22 accounting for 59 per cent of the gross state product.
National exports contributed 23 per cent to the Australian economic system over the identical interval.
WA’s worldwide commerce benefited households via increased salaries, extra jobs and decrease costs, including $16,200 to the typical family’s general earnings in 2022, the Bankwest Curtin Economics Centre modelling discovered.
“The relative scale of WA’s export sector emphasises just how much the state benefits from – and depends on – its economic relationships with trading partners,” director Alan Duncan mentioned.
“Its resilience through the COVID pandemic owes much to border protections that allowed mine sites and ports to maintain production cycles.”
The free commerce agreements Australia has signed with international locations together with China, Japan and the USA have led to very large monetary positive factors for exports, the report mentioned.
It additionally highlighted rising protectionism amongst buying and selling companions, which poses dangers to export-oriented states reminiscent of WA.
The centre is asking for elevated export diversification to satisfy the world’s decarbonisation agenda.
Professor Duncan mentioned WA was in an enviable place to capitalise on inexperienced alternatives if business, housing and infrastructure developed.
“We need to diversify our export products and export markets to meet global demands in renewable energy and decarbonisation technologies,” he mentioned.
This would require distinctive and high-value-added items and companies.
“If we get it right, Australia is in a tremendous position to benefit from the changing face of global trade,” Prof Duncan mentioned.
The report beneficial that companies repeatedly seek for new markets and commerce alternatives, and endeavour to upskill employees and technological capabilities.
Policy and infrastructure helps had been additionally wanted to make sure WA benefited from the worldwide inexperienced transition.
Source: www.perthnow.com.au
