Economic diversification and decarbonisation is a key pillar of the 2024-25 Budget. There is a significant investment in economic infrastructure such as ports, roads, electricity and water infrastructure to drive economic growth and assist with the energy transition.
Overview
The State Government’s headline announcements include a $500 million Strategic Industries Fund to deliver enabling infrastructure at WA’s thirteen Strategic Investment Areas to prepare land for future industrial projects.
Subject to joint funding from the Commonwealth Government, $200 million has been allocated to a new Critical Minerals Advanced Processing Common User Facility to assist with economic diversification.
Western Australia’s ports will see significant infrastructure upgrades to assist the growth in trade with $373 million set aside in the 2024/25 budget. This is spread across WA’s ports with major projects including $117 million for major rebuilding and upgrading of ports in Fremantle, Kwinana and Esperance, and a $101 million contribution to a major wharf project in Dampier.
The energy transition is funded through a $324 million program to plan for and procure long-lead transition infrastructure for the South West electricity grid to enable industrial growth and connect more renewable energy. $147 million has been allocated to support common user network infrastructure in the North West Interconnected system. Esperance and the Mid West have been allocated $18 million for the deployment of 50 Standalone Power Systems.
Tourism also receives a boost with $165 million for outdoor adventure tourism, $30 million set aside for the Major Events Fund and a new program for Metro Events as well as $7 million to develop tourism programs and workforce development.
The State Government continues to invest in streamlining approvals with $36 million allocated over the forward estimates to speed up approvals and reduce the regulatory burden on small business.
WALGA Comment
The diversification of our economy and transition to a low carbon future are important priorities for the State.
It’s important to ensure that Local Governments are involved in conversations about new industry development to ensure that the full benefits can be maximised and local opportunities in employment, economic development and prosperity can be harnessed.
