Making Western Australia grow

Prioritising $4.5 billion of infrastructure investment will unlock $2.4 billion in property development, generate $27 billion in economic activity and create 32,0 new jobs in West Australia, finds a new Property Council report.

The Keep WA Growing report, prepared by Urbis on behalf of the Property Council, introduces a new framework to identify major projects according to economic and community benefits.

The framework highlights three major projects that would deliver the greatest benefit: MAX Light Rail, Western Trade Coast and the Peel Economic and Environmental Initiative.

The report finds that investment in the MAX Light Rail project would conservatively generate $5.5 billion in direct economic activity over a 20-year period and would unlock 13,000 jobs. Failure to invest in the project is predicted to cost Perth $16 billion in 2031 alone, in lost productivity through congestion.

The Western Trade Coast development would enable $13.7 billion of economic activity over 20 years, capitalising on Perth’s strategic location and supporting export markets. The project would support a peak of 20,800 jobs each year by 2040.

The development of the Peel Business Park would generate $8 billion over a 20-year period, enabling raw and manufactured agricultural exports to new markets in Asia and Africa, and generating 90 new jobs.

Urbis Chief Economist Nicki Hutley (pictured) says the state’s forward focus must be on “rational budgetary decisions which deliver maximum leverage from the scarcer infrastructure capital.”

The Property Council’s WA executive director Joe Lenzo agrees.

“The property industry is perfectly positioned to pick up the growth baton from the resources sector and these projects are urgently needed to ensure WA continues to deliver prosperity, jobs and strong communities,” Lenzo says.