Economy
Iron Ore price surge drives warning over labour shortage
May 18, 2021
Industry and analysts have warned Western Australia could face a shortage of skilled workers to keep up with demand in the mining sector as the price of iron ore soars to eye-watering highs. Iron ore prices have increased to a record high of $US215 per tonne on Monday and reached around $US240 a tonne, which is more than WA Treasury’s mid-year revised 2020-21 iron ore price assumption of $US104. Daniel Hynes of ANZ stated that Chinese infrastructure projects were increasing the demand for iron ore which is mainly imported from Australia. Hynes expects the increase in demand for the commodity …
WA’s $1.3B pipeline of infrastructure projects
May 7, 2021
Western Australia has been allocated a budget of $1.3 billion for major infrastructure projects. Prime Minister Scott Morrison stated that investments into infrastructure projects would make WA roads safer, improve public transport and reduce travel times while creating more than 4,000 direct and indirect jobs across WA. Some of the main projects funded include: $347.5 million for METRONET: Hamilton Street-Wharf Street Grade Separations and Elevation of Associated Stations, including Queens Park Station and Cannington Station and an enhanced METRONET Byford Rail Extension project, with new grade separated rail crossing at Armadale Road and an elevated station at Armadale; $200 million …
$215M Mitchell Freeway extension underway in WA
April 28, 2021
The $215 million Mitchell Freeway extension is underway with investigative works, geotechnical investigations and surveying being conducted. The project is expected to extend the Mitchell Freeway 5.6 kilometers north from Hester Avenue to Romeo Road and will have two lanes running in each direction. This aims to reduce congestion and improve connectivity in Perth’s north-west corridor. The project is also aiming to see a cycle network and Principal Shared Path built on the western side of the freeway. The Mitchell Extension Joint Venture (MEJV), on behalf of Main Roads, has been appointed to design and construct the extension project with …
Construction Tradies and Professionals in Massive Demand
April 14, 2021
The Department of Education, Skills and Employment has published the Job Vacancy data which shows higher vacancy levels for many trades than they were before the COVID outbreak. Vacancy levels for electricians, have risen for eight consecutive months and now stands at 1, 958-the highest level on record since October 2019. The vacancies for plumbers are also at their highest levels since June 2018 whilst demand for painting trade workers stand at three-year highs. Vacancies for architects, construction manager and various engineering roles are almost back to pre-COVID levels. Although current levels of construction employment are below those seen during …
Australia is Set for a Tsunami of Road and Rail Projects
April 6, 2021
BIS Oxford Economics latest forecasts shows that the expected overall dollar value for construction work done on civil and engineering projects will surge from $88.7 billion in 2019/20 to almost $120 billion by 2022/23. The rebound is said to be driven by unprecedented levels of spending on road and rail infrastructure. The BIS expects activity on transport infrastructure to increase from $30.7 billion in 2019/20 to reach a peak of almost $50 billion by 2022/23. BIS Oxford Economics Principal Economist Nicholas Fearnley stated that the boom in transport construction which is expected to take place over coming years will differ …
Perth Build-to-Rent Tower Gets Nod
March 31, 2021
Sentinel Real Estate has secured approval for its third project in Perth. The project, to be built on the corner West Coast Highway and Manning Street will comprise 175 apartments in a mix of sizes atop a three-storey mixed mixed-use podium. The 21-storey build-to-rent project will be developed and leased by Sentinel and will feature four commercial tenancies, 230 bike parking bays, 215 car parking spaces and end of trip facilities for commercial tenants. The first stage of the three-stage development, known as Element 27, has been in operation and tenanted since early 2019. The second stage is under construction …
Fini, Goh Submit Skyscraper Plans at Elizabeth Quay
March 23, 2021
Perth property doyen Adrian Fini and Malaysian Victor Goh have lodged plans for a 54-storey mixed-use tower to add to Perth’s skyline as part of the Elizabeth Quay redevelopment. The Metropolitan Redevelopment Authority approved CA and Associates’ $85-million bid for the 4486sq m parcel of land in 2017. The consortium have now lodged plans to develop Lot 4 at Elizabeth Quay. The proposed development is expected to have a strong architectural identity and provide a sophisticated corporate and community environment, which will provide a valuable contribution to the amenity of the Elizabeth Quay precinct and the Perth skyline. Plans for …
Mark McGowan’s government has been granted a second term, but what will they do with it?
March 16, 2021
With the re-election of Premier Mark McGowan for a second term, the Treasury Department is expecting to see an increase of WA’s net debt to $3.1 billion. The Premier and WA’s Labor has promised several projects to launch during his term. This includes the $361 million dollar health package and a $355 million program to build and upgrade school infrastructure. The mental health project is expected to build 2 specialised emergency centres, in Rockingham and Armadale, an expansion of WA’s eating disorder treatment programs and initiatives to support the mental health of young people. A further $79 million will go …
WA economy named best in the world by S&P credit rating agency
March 10, 2021
It’s music to Western Australian Premier Mark McGowan’s ears as the state is praised for having the best economy in the entire world. Global credit rating agency S&P deemed WA’s economy the best in the world over the past 12 months, outsmarting North Rhine Westphalia in Germany which came second place and Queensland which was the next-best state in Australia. WA Premier Mark McGowan is beaming as his state is championed as the best economy in the world, this comes just days before locals in WA head to the polls on Saturday to cast their vote in the state election, which …
WA Labor launches election campaign with pledge to create 125,000 jobs
February 23, 2021
Western Australia’s Labor party has promised to create 125,000 new local jobs if it is re-elected for a second term of government on March 13. Premier Mark McGowan made the commitment during the party’s election campaign launch, telling supporters it would build on the 63,000 jobs Labor had created in its first term. Mr McGowan said the jobs would be created by 2025-26, saying the target was “reasonable, achievable and affordable”. Ahead of the 2017 state election, Labor promised to fix WA’s “unemployment crisis” and create 50,000 new jobs, saying it would get there by diversifying the economy and bringing …
