The value of investment projects being built in Western Australia has jumped 66.1 per cent in a year to be worth $31.2billion in the September quarter.
The value of investment projects being built in Western Australia has jumped 66.1 per cent in a year to be worth $31.2billion in the September quarter.
A report to be released today by Access Economics says resources related projects account for about two thirds of the projects currently being built in the State.
"The Investment Monitor shows that the total value of projects under construction here is considerably higher than previous quarters, and is the highest quarterly total since the series began in 2001," Treasurer Eric Ripper said.
According to the Investment Monitor, projects lifting growth in the 'under construction' category included:
- The $2billion Boddington gold mine expansion;
- The North West Shelf Consortium's $1.5billion Angel gas field development;
- Rio Tinto's $1.2billion underground expansion of the Argyle Diamond Mine; and
- The $1.1billion expansion of the Worsley Alumina refinery.
The report also said that many WA projects were experiencing cost increases. For example, in the September quarter the cost of the North West Shelf Consortium's fifth LNG train was revised from $2billion to $2.4billion.
"Both the private and public sectors are experiencing cost pressures as our economy reaches capacity due to a skilled labour shortage, which is reflected in our record low unemployment levels," Mr Ripper said.
The Carpenter Government was helping to address this by:
- Training more apprentices than ever before and cutting apprenticeship times in order to get more skilled workers on the job more quickly;
- Undertaking a major advertising blitz in the Eastern States to attract their skilled workers to WA;
- Meeting with global construction companies in Europe to encourage them to take part in our boom;
- Writing to Immigration Minister Amanda Vanstone asking her to ensure more skilled migrants come to WA, instead of NSW and Victoria where there are fewer job opportunities.
Victoria has taken a Labor thinktank gong for top Australian state, outperforming fellow governments on welfare, transport and green-power awareness.
Economically, Western Australia continues to set the pace, while South Australia holds the title for the best environmental performance, according to a report of the Evatt Foundation, to be released today.
The State of the States 2006 report, based on Commonwealth Grants Commission and Australian Bureau of Statistics Data, compares the performance of the states on economic, environmental and social policy fronts.
Victoria took out all-round first place, for the first time in the Foundation's 13-year history of assessments, ranking number one among counterparts on social policy and second on the environment.
Up from fourth place last year, the southern state took fourth place on economic policy, with Western Australia still considered the nation's jobs powerhouse.
"Western Australia outperformed all the other states in job creation, capital investment and economic growth," said report author Christopher Sheil.
South Australia snatched the environment crown from WA, with its performance on greenhouse emissions and culture and recreation services considered the country's best.
It also polled well on health and education services.
NSW slipped from third to fourth place in the annual standings, ranking first only on safety and emergency services.
Queensland and Tasmania replicated last year's fifth/sixth-placings, despite the former equalling WA on full-time jobs and topping the other states on industry assistance.
The island state ranked sixth almost entirely across the board on economic indicators, as well as on welfare and transport services.
"Tasmania's last position was due to poor results in social and economic policy," Dr Sheil said.
The report will be launched at 6pm AEDT today at the Sydney Mechanics School of Arts.
