Budget sets WA up for investment in new industries

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9 May, 2024

Media Release

Budget sets WA up for investment in new industries

Treasurer Rita Saffioti delivered her first budget today, with a focus on investment attraction, housing and cost of living.

To support the state’s new energy transition $500 million has been invested to unlock WA’s strategic industrial areas. The budget also forecasts business investment to grow by 13.25 per cent, the strongest investment growth in a decade.

In its pre-Budget Submission and election platform, Prosperity Through Property, the Property Council called on the state government to undertake a program of early investment in power, water, sewerage and roads.

Interim Executive Director Emily Young said the announcement demonstrated government’s firm understanding of the important role of industrial lands play in the state economic future.

“Today’s commitment of $500 million to unlock strategic industrial lands recognises the crucial role of the industrial sector to WA economic future,” she said.

“Supercharging the industrial sector is essential, with an estimated 1.3 million square meters of industrial space required by 2026.

The Budget also included a range of measures to boost WA’s workforce.

“With the state set to grow to over 3 million people by 2025, it is imperative that we have the skilled workforce available to build the homes needed to support our growing community,” Ms Young continued.

“There has never been a better time to take up a trade with the state investing $85 million to expand the capacity of the construction workforce, and with $42.4 billion allocated to the asset investment program over the next four years.

“As the state continues to grow, investment in new housing supply will be critical to expanding our economy and growing new industries both regionally and in metropolitan locations, and while the budget delivers an additional $1.1 billion for housing and homelessness, we will continue to work with the state government on initiatives that will enable to property industry to seriously boost housing diversity where it is needed,” Ms Young concluded.

Media contact: Michael Traill | 0466 112 678 | [email protected]