WA is Australia's Engine Room

by Joy Manginsay 25. November 2011 18:36

According to survey released last Wednesday, November 16, 2011, “The Australian economy is growing at an annual pace close to the projected long-term trend. The survey was by Westpac Banking Corporation and the Melbourne Institute. CommSec’s State Report believed that Western Australian have the strongest performing economy within Australia. Despite growth slowing due to the global financial crisis, Australia was one of the few advanced economics to escape recession. Australia can fully benefit from improved terms of trade because of the mining boom. Tax reform also plays a key role in stepping the right direction to reduce the company tax rate.

The NSW Treasurer, the Hon. Mike Baird MP, went on to state; “Conditions in some NSW industries exposed to the high Australian dollar are subdued, particularly in tourism and manufacturing. The NSW retail sector is also soft reflecting increased household caution as evidenced by the rising saving ratio and recently declining consumer confidence. There is a significant divergence between sectors, though, with strong conditions currently in the NSW mining, farm, business services and household services sectors.” They are expected to remain at a high level over the next two years as a result of elevated export prices and subdued import prices. Mining boom also could permanently raise household incomes in Australia.

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