❓ Premier Cook responds to a question about WA's economic diversification efforts, highlighting job growth, investment in critical minerals, and the state's role as an economic powerhouse. He emphasizes the importance of government policy in facilitating business and attracting international investment.
AnsweredQoN 388Legislative Assembly
QuestionView source ↗
STATE ECONOMY —
DIVERSIFICATION
388. Mr D.A.E. SCAIFE to the Premier:
I refer to the Cook Labor government's
commitment to diversifying the economy and creating local jobs for Western Australians.
(1) Can the Premier update the house on what this
government is doing to create new industries across the state?
(2) Can the
Premier outline to the house how this work is creating record levels of
employment in Western Australia?
DIVERSIFICATION
388. Mr D.A.E. SCAIFE to the Premier:
I refer to the Cook Labor government's
commitment to diversifying the economy and creating local jobs for Western Australians.
(1) Can the Premier update the house on what this
government is doing to create new industries across the state?
(2) Can the
Premier outline to the house how this work is creating record levels of
employment in Western Australia?
AnswerView source ↗
(1)–(2) I
thank the member for the question. It is a really important one because once
again we see that Western Australia is providing the economy and the workforce
that is powering the nation's economy. Labour force data for May shows that our growth in employment was the
strongest in the country. In fact, employment increased by 1.8 per cent,
equating to over 28 000 jobs for Western Australians, who continue to
participate in the economy and live rewarding lives. It is the strongest
monthly growth since March 2021, when hiring resumed after the onset of the
pandemic. Although jobs growth was the highest in the nation, our unemployment
rate was the lowest at 3.6 per cent. The national average is four per cent and
we have the lowest in the nation, so we are immensely pleased with the proof
that has been shown of Western Australia's status as the nation's
economic powerhouse.
My government recognises that
economic success does not just materialise from thin air. History demonstrates
that our gold, iron ore, and oil and gas industries take vision and investment.
Resources do not just jump out of the ground onto a waiting ship; they take
risk and important policies that encourage private investment. Government is
crucial to facilitating business and industry, and just like iron ore in the 1960s and liquefied natural gas in the 1980s,
critical minerals and downstream processing are a pathway our nation
needs to take to continue to prosper. The state has invested hundreds of
millions of dollars towards this aim, as well as having led reforms in
regulation and oversight to� clear the path to make Western Australia a renewable
energy powerhouse.
Until
now, the guiding plan for this vision has been the 2019 future battery industry
strategy for WA, which was, of course, auspiced by the member for
Cannington during his time as a minister. WA is the first state to have a strategy
of this kind. Members might ask why we are renewing this strategy in 2024 when
it was only just put in place in 2019. A lot has changed since then. There are
greater sovereign capabilities, a new investment pipeline and increased
competition. In 2019, critical minerals—copper, cobalt, nickel and
lithium—represented $6.1 billion in sales. In 2023, they represented
$22 billion in sales. Given the industry's meteoric rise, we recently
released a refresh of our 2019 plan. Western Australia's battery
and critical minerals strategy 2024–2030 outlines my government's
vision to support this industry, to capture more value onshore and to work our
way up the value chain to ensure that we continue to drive the manufacturing
and processing jobs that come with this work. Importantly, the commonwealth's
vision is now aligned with WA's, and its critical minerals production
tax incentive represents a crucial opportunity for Western Australia. The
production tax incentive scheme is vigorously opposed by the Liberal Party, a Liberal
Party that we now see is quintessentially anti–Western Australian.
Our
efforts to build this industry are attracting international attention. Indeed,
Chinese Premier Li will make his way to Kwinana, one of the few stops
during his three-day visit next week. You might be asking why Kwinana, Madam
Speaker.
The SPEAKER : Why not Midland?
Mr R.H. COOK : Why not
Midland, indeed? Apart from Kwinana being the centre of the universe, it is
because it has one of the most advanced, rising major globally significant industry
hubs in the world. It is because it is home to two of our three lithium
refineries in WA and because of Kwinana's role in WA's quest to
become a renewable energy powerhouse. Western Australia enjoys strong trade
relationships with China, and the visit by Premier Li will be an important
opportunity to continue to demonstrate that we are a strong trading partner—but
not just that—we are a provider of precursor products for battery
manufacture, and we can be relied upon as an important partner in that process.
Diversifying
our economy is a key and central pillar of our economic strategy. That is a strategy
we are putting in place every single day. It is producing jobs and
opportunity, diversifying our economy and making sure that Western Australia
remains the economic powerhouse of this nation.
thank the member for the question. It is a really important one because once
again we see that Western Australia is providing the economy and the workforce
that is powering the nation's economy. Labour force data for May shows that our growth in employment was the
strongest in the country. In fact, employment increased by 1.8 per cent,
equating to over 28 000 jobs for Western Australians, who continue to
participate in the economy and live rewarding lives. It is the strongest
monthly growth since March 2021, when hiring resumed after the onset of the
pandemic. Although jobs growth was the highest in the nation, our unemployment
rate was the lowest at 3.6 per cent. The national average is four per cent and
we have the lowest in the nation, so we are immensely pleased with the proof
that has been shown of Western Australia's status as the nation's
economic powerhouse.
My government recognises that
economic success does not just materialise from thin air. History demonstrates
that our gold, iron ore, and oil and gas industries take vision and investment.
Resources do not just jump out of the ground onto a waiting ship; they take
risk and important policies that encourage private investment. Government is
crucial to facilitating business and industry, and just like iron ore in the 1960s and liquefied natural gas in the 1980s,
critical minerals and downstream processing are a pathway our nation
needs to take to continue to prosper. The state has invested hundreds of
millions of dollars towards this aim, as well as having led reforms in
regulation and oversight to� clear the path to make Western Australia a renewable
energy powerhouse.
Until
now, the guiding plan for this vision has been the 2019 future battery industry
strategy for WA, which was, of course, auspiced by the member for
Cannington during his time as a minister. WA is the first state to have a strategy
of this kind. Members might ask why we are renewing this strategy in 2024 when
it was only just put in place in 2019. A lot has changed since then. There are
greater sovereign capabilities, a new investment pipeline and increased
competition. In 2019, critical minerals—copper, cobalt, nickel and
lithium—represented $6.1 billion in sales. In 2023, they represented
$22 billion in sales. Given the industry's meteoric rise, we recently
released a refresh of our 2019 plan. Western Australia's battery
and critical minerals strategy 2024–2030 outlines my government's
vision to support this industry, to capture more value onshore and to work our
way up the value chain to ensure that we continue to drive the manufacturing
and processing jobs that come with this work. Importantly, the commonwealth's
vision is now aligned with WA's, and its critical minerals production
tax incentive represents a crucial opportunity for Western Australia. The
production tax incentive scheme is vigorously opposed by the Liberal Party, a Liberal
Party that we now see is quintessentially anti–Western Australian.
Our
efforts to build this industry are attracting international attention. Indeed,
Chinese Premier Li will make his way to Kwinana, one of the few stops
during his three-day visit next week. You might be asking why Kwinana, Madam
Speaker.
The SPEAKER : Why not Midland?
Mr R.H. COOK : Why not
Midland, indeed? Apart from Kwinana being the centre of the universe, it is
because it has one of the most advanced, rising major globally significant industry
hubs in the world. It is because it is home to two of our three lithium
refineries in WA and because of Kwinana's role in WA's quest to
become a renewable energy powerhouse. Western Australia enjoys strong trade
relationships with China, and the visit by Premier Li will be an important
opportunity to continue to demonstrate that we are a strong trading partner—but
not just that—we are a provider of precursor products for battery
manufacture, and we can be relied upon as an important partner in that process.
Diversifying
our economy is a key and central pillar of our economic strategy. That is a strategy
we are putting in place every single day. It is producing jobs and
opportunity, diversifying our economy and making sure that Western Australia
remains the economic powerhouse of this nation.
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