WA SETS SAIL FOR ECONOMIC GROWTH
WA can set it’s sails for economic growth according to Professor Ian Harper’s presentation at the Urban Development Institute of Australia (UDIA WA) State Conference today.
Professor Harper, renowned Economist at Deloitte Access Economics, said that WA has turned a corner after several years of economic downturn and more positive winds are now blowing in Perth’s direction.
“With expectations for economic growth in the coming years, albeit at a moderate rate, WA must position itself to embrace the opportunities that will arise,” UDIA WA CEO Allison Hailes said.
Overall, Professor Harper expects WA Economic growth to sit at around 1% this year moving upward toward 3% by 2019/20.
“Professor Harper advised that WA will need to attract more people to the state in order to leverage the opportunities of this growth,” Ms Hailes said.
“UDIA is keen to encourage discussion about creating a new revitalised ‘Brand Perth’ that highlights our unique attributes and encourages people to move here,” Ms Hailes said.
“We need to sell Perth, including our unique lifestyle opportunities, to attract people to the state,” Ms Hailes said.
“Professor Harper suggested that ‘growth builds growth’ using the old adage, ‘build it and they will come’”, Ms Hailes said.
“It’s a self fulfilling prophesy, if we create jobs and an urban environment and communities that people want to live in that will encourage people to come to Perth,” Ms Hailes said.
“Professor Harper also highlighted needed to remove barriers to people moving such as inefficient, burdensome tax regimes such as Stamp Duty,” Ms Hailes said.
“UDIA sees benefits in the state investigating a move to a broad based land tax system similar to that in the ACT,” Ms Hailes said.
“I was also pleased to hear Professor Harper champion the role of Public Private Partnerships (PPPs), particularly for the provision of major infrastructure,” Ms Hailes said.
“Private industry can play a key role in ensuring WA has world class infrastructure without draining government funds,and we’re keen to explore this with the government,” Ms Hailes said.
“As Professor Harper outlined, WA is well behind other states such as Victoria with regard to embracing and benefiting from PPPs,” Ms Hailes said.
Ends
For more information:
Gemma Osiejak
UDIA WA Executive Manager Communications & Marketing
E: gosiejak@udiawa.com.au
M: 0421 506 819