Western Australia’s economic contribution – and the critical role of business in sustaining it – was front and centre at CCIWA’s Business Breakfast with Federal Treasurer Dr Jim Chalmers on November 19.
Joined by members of the business community, policymakers and industry leaders, the Treasurer used his keynote to reaffirm the Labor Government’s commitment to WA, outline the state of the national economy and address major reforms currently before Parliament.
CCIWA Head of Policy Dr Anthea Wesley opened the breakfast before Professor Len Collard gave the Welcome to Country followed by CCIWA President Nicki Ivory’s opening remarks. Woodside Energy’s Tony Cudmore gave the vote of thanks, commending the Government’s vision for Australia to be a top destination for investment, alongside industry’s need for “clarity, certainty, predictability and support for investment”.
CCIWA Chief Economist Aaron Morey led an in-depth Q&A with the Treasurer covering GST, environmental regulation, defence and investment incentives.
WA ‘front and centre’ in national economic thinking
Federal Treasurer Dr Jim Chalmers (left) speaks with CCIWA Chief Economist Aaron Morey
The Treasurer described WA as “genuinely an economic juggernaut”.
He said the Federal Government aimed to be “helpful partners in the prosperity that you create”, acknowledging business leaders for the “jobs and opportunities that you provide people in WA”.
“WA is genuinely front and centre in the way that we think about our economy,” he said.
“We don’t want to just be beneficiaries of the prosperity that you generate in the West. We want to be partners in it.”
GST: “WA will receive its fair share”
GST – and WA’s share – was a key focus.
“We’re committed to the deal… Under this Government, any government that [Prime Minister] Anthony [Albanese] is a part of and that I’m a part of, WA will receive its fair share,” he said.
EPBC reform
With Parliament set to consider major environmental law reforms next week, businesses sought clarity on how new rules would affect project approvals.
“We have put a lot of effort into making sure that our objectives here … a regime which is better for our economy, better for our environment, more efficient, quicker, more robust, more transparent, that we can deliver those objectives in a way that takes into consideration all of the feedback that’s provided been provided to us in good faith,” Treasurer Chalmers said.
Henderson investment and Austal/Hanwha decision
There was plenty of interest in the defence industry growth, with the Treasurer confirming the Henderson infrastructure funding was a priority.
“It’s front of mind… we will do what we need to do to fund that commitment,” he said.
On the delayed Foreign Investment Review Board (FIRB) decision regarding Austal and Hanwha, he acknowledged the delay.
“Yes, there was a deadline at the end of September,” he said.
“We missed the deadline, and that’s on us … it’s a complex decision … hopefully we can come to a decision soon.”
Economic outlook: uncertainty abroad, resilience at home
Federal Treasurer Dr Jim Chalmers
Chalmers said despite global volatility, Australia remained resilient.
- Inflation is “about half of what we inherited”.
- “Unemployment fell last week – 4.3% to 4.1% here in WA”.
- Real wages have grown for “seven quarters in a row”.
- Australia has achieved a “soft landing” despite shocks including the GFC, COVID and rising global trade tensions.
- AAA credit rating from three major credit agencies.
However, he cautioned that China’s slowdown, US uncertainty and shifting global sentiment meant Australia could not become complacent.
CCIWA continues to advocate for WA businesses, including GST and payroll tax reform. See our campaign efforts and amplify your voice via our new Keeping WA Strong platform at keepingwastrong.com.au
