The Australian economy is back and growing, swelling by 3.3 percent in the three months to the end of October. The Australian Bureau of Statistics reported a surge in consumer spending, driving growth in Western Australia’s economy, suggesting we should recover from the economic hit of COVID-19 quicker than other states. This is thanks to a stronger than expected price of iron ore, which has had the highest quarterly jump in activity since the March quarter of 2013.
The price of iron ore, while shaken by the initial impact of the pandemic, has been gaining strength and has now reached USD 136.29 a tonne, its highest level since September 2013 and nearly 50 percent higher than it traded at the start of this year.
Road /Rail Infrastructure Works
The construction of METRONET and the associated program of works is the largest single investment ever in the public transport sector in WA. The 2019-20 WA budget allocated an additional $266.6 million to METRONET over the forward estimates. This brings total funding for the project over the forward estimates to $4.1 billion. METRONET will connect suburbs, reduce congestion, support local jobs, and bolster our economic recovery.
As WA continues to weather the economic fallout from the COVID-19 pandemic, we can look forward to positive growth in 2021 in mining, resources, construction, and major infrastructure projects around the state.
The $5.5 billion WA recovery plan is the vision for Western Australia to get back on the road to becoming a thriving and innovative community in which to live, work, visit, and do business. Central to the plan is restoring business and consumer confidence, getting people back into work, and rebuilding the economy.
The WA State Government are accelerating major road projects and enhancing road safety through various projects:
- $215 million Mitchell Freeway extension to Romeo Road
- $400 million Tonkin Gap extension
- $100 million for improving 1400 kilometres of roads across WA.
Photo credit: Katharyn Quinn