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Mathias Cormann says the project will make a huge contribution to the national economy.

WA biggest winner from Inpex project

Tokyo-based Inpex’s Ichthys LNG project will provide a $34 billion boost to incomes in Western Australia across the period to 2050, and generate about $73 billion of tax revenue, according to an economic impact report by Acil Allen Consulting released today.

The total impact on gross domestic product of the project, which received final investment decision in 2012 and will cost around $US37 billion when fully built, will be $190 billion, according to Acil Allen executive director WA & NT, John Nicolaou.

The impact on real incomes, which he said was a better measure of the impact on economic well being, would be closer to $90 billion nationally.

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