Home Property Australia $500m for industrial land supply in WA Budget

$500m for industrial land supply in WA Budget

  • May 15, 2024
  • by Property Australia
Treasurer Rita Saffioti

The WA Government will invest half a billion dollars to unlock Western Australia’s strategic industrial areas (SIAs) and pave the way for WA to become a global clean energy powerhouse.

Announced in last week’s State Budget, the $500 million Strategic Industries Fund will deliver common-user and other enabling infrastructure at SIAs across regional and metropolitan WA.

WA is home to 13 SIAs, spanning the entire state: Browse, Boodarie, Burrup, Maitland, Anketell, Ashburton North, Oakajee, Kwinana, Rockingham, Kemerton, Shotts, Mungari and Mirambeena.

Premier Roger Cook said the funding will help unlock industrial land for clean energy mega-projects.

“This $500 million fund will open up industrial land right across our regions and in Perth, helping us to attract the major clean energy industries of the future to WA.”

An initial $125 million will be invested to open up new industrial land at Latitude 32 in Kwinana, given the strong demand for land in Perth’s industrial heartland – with recent allocations in the Kwinana and Rockingham SIAs towards a range of job-creating projects.

A further $20 million will be allocated to develop general industrial land in Karratha and in the Peel region, while $20 million has been set aside to unlock land in the Goldfields and South West.

Those investments build on the $35 million investment into the Industrial Land Development Fund included in last year’s Budget, which has progressed planning works on priority SIAs at the Pilbara.

The Strategic Industries Fund is on top of the $160 million industrial lease incentive scheme announced late last year, to attract clean energy projects to SIAs.

Property Council WA 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.

“The 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.”

Also as part of the budget, the government will overhaul stamp duty concessions to help Western Australians buying their first home, with tax cuts to benefit almost 5,000 first home buyers each year and increase the maximum value of the concession to $15,390.

The government will increase the first home buyers transfer duty concession threshold for established homes from $530,000 to $600,000, and the exemption threshold from $430,000 to $450,000.