❓ Mr. Baker questions the Premier on how the Investment Attraction Fund will encourage new investment and support economic diversification in WA. The Premier outlines the fund's purpose, its alignment with the Diversify WA strategy, and examples of projects it supports across various sectors and regions.
AnsweredQoN 464Legislative Assembly
QuestionView source ↗
INVESTMENT ATTRACTION FUND — ECONOMIC DIVERSIFICATION
464. Mr G. BAKER to the Premier:
I refer to the Cook Labor government's
commitment to diversifying and growing the Western Australian economy, creating
even more local job opportunities.
(1) Can the
Premier outline to the house how the government's establishment and
delivery of the investment attraction fund will encourage new investment in Western
Australia?
(2) Can the
Premier advise the house how this fund will allow targeted investment at
industries supporting our economic diversification?
464. Mr G. BAKER to the Premier:
I refer to the Cook Labor government's
commitment to diversifying and growing the Western Australian economy, creating
even more local job opportunities.
(1) Can the
Premier outline to the house how the government's establishment and
delivery of the investment attraction fund will encourage new investment in Western
Australia?
(2) Can the
Premier advise the house how this fund will allow targeted investment at
industries supporting our economic diversification?
AnswerView source ↗
I thank the member for the question.
It is a very important one. Before I answer it, can I place on the record my
congratulations to Magenta Marshall as the member for Rockingham. I also
acknowledge that this is a historic day for this chamber of Parliament. It is
the first time in the state's history that we have a majority of women—30
of the 59 members—and long may it reign.
(1)–(2) Creating
a prosperous, diversified economy is one of the most important priorities of my
government. We know that Western Australia is one of the most economically
successful jurisdictions in the world. Our
state can be proud of its achievements to date. We are a world-leading exporter
of resources, agriculture and energy that helps sustain other economies of
the world. Success from our main export industries has been integral to our
prosperity. However, we cannot rely upon them alone if we are going to continue
to make sure that we have long-term economic success in the state because our
potential is so much more. The key for my government is to continue to
diversify the economy in a globally competitive world that requires
intervention and seizes the opportunities of the green energy future that sits
in front of us.
In
2021, we committed to establishing an investment attraction fund. Its aim is
simple: to encourage new investment in Western Australia that
contributes to our Diversify WA strategy. It builds on Western Australia's
existing strengths and industries, pivoting out of our great strengths in
mining, oil and gas, agriculture, and medical and life sciences. It targets
industries that have been identified in our Diversify
WA plan—whether that is in defence, energy, health, technology or
international education and primary industries. The message is clear:
whatever industry it is, our government wants to see it built and built here in Western Australia. Last month, I announced
nearly $150 million in grants to support 40 innovative job-creating projects right across the state. Incredibly,
there were more than 200 applications from great companies right across
the state looking to take advantage of this terrific government policy. That
shows just how significant the demand is to do business in Western Australia.
The investment attraction fund injected support into a range of diversification
projects. They include, for example, a pilot plant
to produce high-purity alumina for high-tech battery cells; establishing a renewable
diesel biorefinery in Narrogin; advanced manufacturing of medical
biosensors to prevent complications during childbirth; a high-performance
computing campus in Geraldton; establishing a brewery, restaurant and bar and
family friendly venue at Cable Beach; and establishing a value-adding dairy
facility and tourism offering in the Swan Valley. Importantly, more than half
of the 40 successful projects are located in regional WA or are statewide
operators. This government will not rest on its laurels and simply be drawn
into the comfort zone that the great resources and agricultural industries
provide. We have a great opportunity for the future, and we must do more to
secure those opportunities—to leverage the expertise of our highly
skilled workforce, to harness the power of advanced research capabilities, to
create more of the essential ingredients to
renewable energy products, and to make sure that downstream processing is a core
c omponent of all our mineral extraction and the other great development
industries that we have. We are doing this because we believe in WA jobs and WA's
future, a future that is sustainable of which we can be proud. We will make
sure that we do what we can to continue to diversify Western Australia's
economy to create WA jobs in sustainable communities.
It is a very important one. Before I answer it, can I place on the record my
congratulations to Magenta Marshall as the member for Rockingham. I also
acknowledge that this is a historic day for this chamber of Parliament. It is
the first time in the state's history that we have a majority of women—30
of the 59 members—and long may it reign.
(1)–(2) Creating
a prosperous, diversified economy is one of the most important priorities of my
government. We know that Western Australia is one of the most economically
successful jurisdictions in the world. Our
state can be proud of its achievements to date. We are a world-leading exporter
of resources, agriculture and energy that helps sustain other economies of
the world. Success from our main export industries has been integral to our
prosperity. However, we cannot rely upon them alone if we are going to continue
to make sure that we have long-term economic success in the state because our
potential is so much more. The key for my government is to continue to
diversify the economy in a globally competitive world that requires
intervention and seizes the opportunities of the green energy future that sits
in front of us.
In
2021, we committed to establishing an investment attraction fund. Its aim is
simple: to encourage new investment in Western Australia that
contributes to our Diversify WA strategy. It builds on Western Australia's
existing strengths and industries, pivoting out of our great strengths in
mining, oil and gas, agriculture, and medical and life sciences. It targets
industries that have been identified in our Diversify
WA plan—whether that is in defence, energy, health, technology or
international education and primary industries. The message is clear:
whatever industry it is, our government wants to see it built and built here in Western Australia. Last month, I announced
nearly $150 million in grants to support 40 innovative job-creating projects right across the state. Incredibly,
there were more than 200 applications from great companies right across
the state looking to take advantage of this terrific government policy. That
shows just how significant the demand is to do business in Western Australia.
The investment attraction fund injected support into a range of diversification
projects. They include, for example, a pilot plant
to produce high-purity alumina for high-tech battery cells; establishing a renewable
diesel biorefinery in Narrogin; advanced manufacturing of medical
biosensors to prevent complications during childbirth; a high-performance
computing campus in Geraldton; establishing a brewery, restaurant and bar and
family friendly venue at Cable Beach; and establishing a value-adding dairy
facility and tourism offering in the Swan Valley. Importantly, more than half
of the 40 successful projects are located in regional WA or are statewide
operators. This government will not rest on its laurels and simply be drawn
into the comfort zone that the great resources and agricultural industries
provide. We have a great opportunity for the future, and we must do more to
secure those opportunities—to leverage the expertise of our highly
skilled workforce, to harness the power of advanced research capabilities, to
create more of the essential ingredients to
renewable energy products, and to make sure that downstream processing is a core
c omponent of all our mineral extraction and the other great development
industries that we have. We are doing this because we believe in WA jobs and WA's
future, a future that is sustainable of which we can be proud. We will make
sure that we do what we can to continue to diversify Western Australia's
economy to create WA jobs in sustainable communities.
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