WA Premier Roger Cook has unveiled a $250 million vision for economic diversification, describing it as a solution to his “industrial FOMO”, at CCIWA’s Business Breakfast this morning.
The Premier told more than 330 business leaders the newly announced Strategic Industrial Lands Activation Plan aims to unlock industrial land for future investment and job-creating projects across emerging sectors.
The initiative is within the Government’s $1 billion Strategic Industries Fund, which supports advancing approvals and building common user infrastructure.
“Our strategic industrial areas will host a lot more common user infrastructure in the years ahead,” he said.
“After all, they’re the nerve centres of Western Australia’s ongoing economic diversification.”
The Premier said these areas will target industrial opportunities where WA has a competitive advantage to compete in global supply chains, including in critical minerals, green iron, hydrogen and ammonia, as well as ship building, sustainment and decommissioning.
Global pressure drives pace
Premier Cook warned the WA could miss if action lagged as the State was competing globally for investment.
“We’re not the only jurisdiction in the world with these ambitions, and our shared industrial FOMO means that we can’t miss out, which is where our $1 billion strategic industry fund comes in,” he said.
The plan builds on the State Development Bill, which is currently before the Upper House and is expected to pass this year.
It identifies pathways to accelerate WA’s shift from coal to renewables, support trading partners to decarbonise through critical minerals and green iron, and position WA as the southern hemisphere’s largest defence maintenance hub.
Cook stands firm on retail trading, payroll tax probes
During a Q&A with CCIWA Chief Economist Aaron Morey, Premier Cook also addressed retail trading hours and payroll tax.
“Fiddling with retail trading hours is not on our agenda,” he said.
“We think – the issue – in relation to the retail industry at the moment is not a supply issue, it’s demand.
“We need to continue to make sure we support small businesses by ensuring they don’t have to compete against large retailers across a longer period of time in relation to the trading day.”
In relation to payroll tax, the Premier said: “We are completely alive to the idea that we have to make sure that our taxation regime is fit for purpose … and we continue to talk to industry bodies about constructive ways that we can reconfigure the arrangements.”
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