Economy
WA surplus pumped up by iron ore
February 9, 2021
Booming iron ore prices driven by Chinese demand will swell Western Australia’s budget coffers by $2.3 billion over the next four years, pointing to a likely federal government windfall that would speed up budget repair and drive down record debt faster than anticipated. Figures released by WA’s Department of Treasury on Monday show popular state Premier Mark McGowan will head to the polls on March 13 with a budget surplus of $3.1 billion this year, nearly $1 billion more than a forecast made in December. It leaves Mr McGowan as one of few cashed-up leaders on the planet. The windfall …
Joint media statement – Contract awarded for road gateway in Perth’s Eastern Suburbs
February 4, 2021
The Greater Connect consortium comprising Laing O’Rourke, AECOM, and Arcadis has been awarded the contract to deliver the Great Eastern Highway Bypass Interchanges project. The project is expected to bust congestion and improve safety for traffic across the Hazelmere and Forrestfield industrial and freight distribution centres. The Morrison Government is allocating $247.25 million funding from its $110 billion, ten year infrastructure pipeline. Hon Rita Saffioti MLA, said procurement for the upgrades had been streamlined to boost the State’s economic recovery from the COVID-19 pandemic and would support up to 2,700 jobs. This would also help provide critical new connections for …
Joint media statement – Biggest ever South-West road project now underway, unlocking thousands of local jobs
February 1, 2021
Work on the Bunbury Outer Ring Road has kicked off today, which is expected to provide thousands of local jobs and economic benefits for the Greater Bunbury region. The South West Gateway Alliance, comprising Acciona, NRW Contracting, MACA Civil, AECOM and Aurecon, together with Main Roads, will build the 27-kilometre, four-lane, high-standard road from Forrest Highway near Australind to the Bussell Highway, south of Bunbury. According to Deputy Prime Minister Michael McCormack, upon completion the project would improve freight capacity, efficiency and productivity across the region. The project which has gone through planning for several years, recognizes the significance of …
WA jobs market booming as Recovery and Jobs plan delivers
January 25, 2021
Western Australia’s job market is the best performing of all States WA unemployment rate continues to fall, now the lowest of all States at 6.2 per cent 98.8 per cent of jobs lost during COVID-19 pandemic now recovered Latest statistics reflect the McGowan Government’s safe and strong management of COVID-19 and the State’s economy Based on the December 2020 data released by the Australian Bureau of Statistics, it shows that Western Australia has the strongest performing jobs market of all states in the nation. Underemployment has fell to its lowest level since June 2015 down to 7.7 percent with 33,200 …
Joint media statement – METRONET steaming ahead with three projects moving to shortlist phase
January 25, 2021
2021 looks set to be another big year of progress for METRONET, with three projects now moving into the major construction procurement shortlist phase. This includes the main construction contract for the Byford rail extension, the removal of three level crossings through Victoria Park and the construction of a new Midland Station. Premier Mark McGowan, said METRONET was creating local jobs and helping the Western Australian economy through COVID-19. With the nine Metronet projects in construction and another three major construction contracts to be awarded later in the year, there will be more opportunities for local jobs and businesses to …
Major infrastructure projects developing Northern Suburbs into a hub of activity
January 14, 2021
The first of several major infrastructure projects that will help create Perth’s second CBD – the Stirling City Centre – is now complete. The Mitchell Freeway’s new northbound lane between Cedric and Hutton Streets reached official completion today, enabling unimpeded access into the Stirling commercial hub. The $16.5 million project created 50 jobs and will save drivers two minutes off their previous peak period journey – cutting travel time between Cedric to Hutton from eight minutes to six. In the five years to December 31, 2019, there have been a total of 331 crashes recorded on Mitchell Freeway northbound between …
WA jobs market continues to go from strength to strength
December 17, 2020
Another 11,400 Western Australians gain employment in November, with strong growth in full-time jobs, as the McGowan Labor Government’s Recovery and Jobs Plan continues drive the State’s recovery, revealed by ABS data released today. The increase equates to a further 0.8 per cent rise in employment, the second strongest growth of any State, and only behind Victoria, which continued to recover from a second wave of COVID-19. Significantly, the rise in employment was entirely due to an increase in full-time employment, which rose by 13,400 in November, while the number of people working part-time declined by 2,000. In WA, employment has …
Australia’s economy rebounds sharply in third-quarter from COVID-19 recession
December 3, 2020
Australia’s economy has rebounded sharply in the third quarter from a coronavirus-induced recession as consumer spending surged. Reports showed that the A$2 trillion ($1.5 trillion) economy expanded by more than the expected 3.3% raise in September, following a 7% contraction in June, as the country largely got COVID-19 under control. The rebound was led by household spending, which was led by household spending, which rose 7.9%, driven by massive fiscal and monetary stimulus since March. The Australian dollar briefly hit a day’s high of $0.7389. Reserve Bank of Australia (RBA) Governor Philip Lowe believes Economic growth is positive in December …
Australian economy to bounce back ‘faster and stronger’
November 17, 2020
The Australian economic recovery is believed to be going faster and stronger than what most economists have expected, this is the prediction of Commonwealth Bank’s head of Australian economics, Gareth Aird. It is now expected that GDP will contract by 3.3 per cent in 2020 but will have a stronger recovery in 2021. Over the next two years, GDP is predicted to grow by 4.2 per cent in 2021 (previously 2.5 per cent) and another 3.8 per cent in 2022. According to Aird, the similarities between the Great Depression and the Covid-19 pandemic from an economic perspective only pertains to …
Mitchell Freeway Extension a step closer with preferred proponent named
October 23, 2020
The Mitchell Extentions Joint Venture (MEJV), which consists of BMD Construction and Georgiou group, has been chosen to deliver the $215 million Mitchell Freeway Extension. The project, which is expected to create and support 1,200 local jobs and involves extending the Mitchell Freeway 5.6 kilometers from Hester Avenue in Clarkson to Romeo Road in Alkimos. The extension aims to alleviate pressure on the local road network, reducing travel times and improving safety and connectivity for commuters and local residents. The final contract is expected to be awarded in coming weeks with early works to commence in early 2021. The Mitchell …
