The Western Australian Government is targeting three key industries to transform the Western Trade Coast into a global advanced industries hub, following a new report into the strategic and economic significance of the region.
The Western Trade Coast is located along Perth’s south metropolitan coast and includes the Australian Marine Complex, the Kwinana Industrial Area, the Rockingham Industry Zone and Latitude 32.
The Western Trade Coast: an economic review of the region report found that the region possesses the critical success factors to provide three industries with a competitive advantage.
These industries are renewable hydrogen, future facing minerals processing, and ship building and sustainment. The WA Government has endorsed these industries for the region, which are aligned with the Diversify WA framework.
The report found that the Western Trade Coast is an economically significant region for the State and Australia as a whole since it provides:
- 122 industrial synergies between current industries
- $14.8 billion in total economic contribution to the WA economy
- $18.2 billion in total economic contribution to Australia, accounting for around one per cent of Australia’s gross domestic product
- an economic multiplier of 1.68, where for every dollar invested, there is a $0.68 spill over to the WA economy
- 42,900 full time equivalent jobs, indicating the Western Trade Coast directly or indirectly supports just under three per cent of WA’s total workforce and thirty two countries supplied with products from major tenants in the region.
Minister for State Development, Jobs and Trade Roger Cook commented on the report’s findings.
“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,” Cook said.
“This study 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.”