AUSTRALIAN IMMIGRATION NEWS

Immigration Australia: Western Australia economy still strong despite Global Financial Crisis

Monday, 10 November 2008

Despite the diminishing state of the world’s economy, the State of Western Australia still shows that it will be able to withstand the global financial crisis and help the Australian economy remain strong.

A report by Access Economics predicts the state's economy will grow by 0.2 per cent this financial year.

The Minerals Council of Australia (MCA) is forecasting that the mining industry will need another 58,000 workers by the year 2020. MCA Chief executive Mitch Hooke says that even though there has been a slowdown in growth levels over the past six to twelve months, the fundamentals are still in place for the future.

"The fundamental picture as far as commodities are concerned hasn't changed because of what has happened in credit markets over the last six to twelve months," he said.

"At the end of the day, the world's population is going to continue to grow. It is going to be insatiable. Unprecedented demand for commodities and of course, whilst all this is happening mining companies are knocking back projects."

Mining plays a vital role in the Australian economy, especially in the state of WA which has experienced significant growth over the last ten years.

Paul Brewer, from the Chamber of Minerals and Energy states that “the current financial situation is having an effect, but it still is positive and I think the overall growth outlook remains strong for Western Australia". The mining industry is the reason for the continued growth in WA. Over the past decade, WA has experienced a boom due to the heavy need for skilled workers in the state due to the mining industry.

Mining in Australia is a significant primary industry and contributor to the economy of Australia and encouraged immigration to Australia.

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