A new report into the strategic and economic significance of the Western Trade Coast has identified three key industries which will help the Western Australian Government transform the region into a Global Advanced Industries Hub.
The Western Trade Coast in Perth’s southern metropolitan area includes the Australian Marine Complex in Henderson, the Kwinana Industrial Area, Rockingham Industry Zone and Latitude 32.
The report, The Western Trade Coast: A Western Australian Global Advanced Industries Hub, developed by consultants ACIL Allen and AECOM, found that the region possesses the critical success factors to provide three industries with a competitive advantage.
The three industries are renewable hydrogen, future facing minerals processing and ship building and sustainment.
According to the report, the Western Trade Coast is an economically significant region for Western Australia and Australia as it provides:
- 122 industrial synergies between current industries
- $14.8 billion in total economic contribution to Western Australia’s economy
- $18.2 billion in total economic contribution to Australia, accounting for around one per cent of Australia’s GDP
- An economic multiplier of 1.68, where for every $1 invested, there is a $0.68 spill over to the Western Australian economy
- 42,900 FTE jobs, indicating the Western Trade Coast directly or indirectly supports just under three per cent of Western Australia’s total workforce and 32 countries supplied with products from major tenants in the region
The State Government has endorsed these industries for the region, which are aligned to the state’s targeted diversification agenda as outlined in the Diversify WA framework.
Global engineering, design and advisory services firm Arup has been appointed to deliver an Infrastructure Strategy for the transformation from the Western Trade Coast into a Global Advanced Industries Hub.
The strategy will deliver a comprehensive approach to optimising the critical success factors of available land, industrial infrastructure, utilities, workforce and leveraging the region’s strengths to attract investment.
The Department of Jobs, Tourism, Science and Innovation is leading this program of works as part of the State Government’s priority to develop strategic industrial areas across the state to achieve economic diversification and job creation.
In addition to the industries identified, an online interactive tool has been developed to visually demonstrate the industrial capabilities, synergies and international reach of the region.
Western Australia Minister for Development, Jobs and Trade, Roger Cook, said, “The report provides a contemporary profile of industry and the critical success factors that have supported the long-term growth and development of this nationally significant industrial area.
“The study highlights the enormous contribution that industries operating in the Western Trade Coast collectively make to the wealth of the state and its citizens, and the critical link of industry in global supply chains operating within Western Australia, and across the globe.
“Importantly, this study also highlights the opportunities for further economic development, diversification and decarbonisation of the Western Trade Coast, and its transformation into a Global Advanced Industries Hub.
“This will be realised as the state facilitates transformational projects in renewable hydrogen, future facing minerals processing and shipbuilding and sustainment as target industries for the region,” Mr Cook said.
