Premier Mark McGowan set out a new framework for Western Australia's economy today with the launch of Diversify WA.
Building on the McGowan Government's measures to foster a diverse economy, Diversify WA sets out a vision for a strong and diversified economy that delivers secure, quality jobs across a broad range of industries.
Achieving this vision and unlocking the State's potential will require close collaboration between government, industry, research organisations and the community.
Economic diversification reduces over-reliance on particular sectors of the economy and is imperative to drive productivity growth and remain competitive in an increasingly globalised environment.
The framework matches Western Australia's strengths to global megatrends, identifying six economic sectors to focus collective efforts to build a more resilient, sustainable and growing economy.
These include Energy; Tourism, Events and Creative Industries; International Education; Mining and Mining Engineering and Technical Services; Technology and Advanced Manufacturing; and Primary Industries.
In addition, the State Government is working to reduce barriers to diversification, foster innovation and demonstrate fiscal responsibility to attract investment which will enhance economic growth and provide access to secure jobs as our population grows.
The next step for the Government will be to prepare a Western Australian Prospectus, highlighting to the rest of the world that Western Australia is a great place to live, visit and do business.
Diversify WA builds on existing measures such as delivering METRONET, a record job-creating road program, the WA Jobs Law, improving digital connectivity for agricultural businesses, new regulatory reform, rebuilding the TAFE sector and supporting our resources sector.
For more information, visit https://www.dpc.wa.gov.au
As stated by Premier Mark McGowan:
"My Government is committed to growing and diversifying the Western Australian economy to ensure shared prosperity for Western Australians.
"Since coming to office, we have been focused on diversifying WA's economy across a wide range of industries. This is a key component of our Plan for Jobs, and we have already seen positive results.
"Diversify WA provides a framework for further collaboration between business, Government and the community to ensure a sustainable, resilient economy that delivers secure, quality jobs for Western Australians.
"There are considerable global opportunities for Western Australia to grow and diversify our economy by meeting the demands of the world's growing middle class, particularly in the Indo-Pacific region.
"Western Australia has substantial natural resources, a stable regulatory environment, skilled workforce and robust economy. Diversify WA sets out how we will capitalise on these strengths to attract trade and investment - growing our economy and creating jobs for the future."
