WA's business investment continues to grow

investment_growth Business investment in Western Australia grew by 5.6 per cent between March and June 2009 and has grown an average 20.2 per cent per annum in the five years to 2008.

Further investment growth is anticipated with the recent decision by the joint venture partners to progress the Gorgon Liquefied Natural Gas (LNG) project, which at a cost of A$43 billion is Australia’s largest ever natural resource project investment.

According to ACIL Tasman, an Australian economic, policy and strategic analysis consultancy, the growth in construction that is about to take place will dwarf previous growth and will last for most of the next decade.

The building phase created by projects such as Gorgon has helped shift local sentiment into very positive territory.

ACIL Tasman executive director Ian Satchwell believes the end result of this construction period is a big and permanent expansion of the Western Australian economy.

Other major projects under construction that will contribute to growth in Western Australia includes BHP Billiton’s A$10 billion iron ore expansion projects; CITIC Pacific’s A$5 billion Sino Iron Ore mining and pellet plant project and Worsley’s A$2.5 billion Collie alumina refinery expansion.