For much of the past decade, or even longer, the words 'economic diversification' have been thrown around by politicians and business folk seemingly ad nauseum.Got an addiction to a dirty source of energy? Diversify. Better yet, do it cleanly.But in handing down her first state budget as Western Australia's Treasurer, Rita Saffioti has inadvertently shown that diversifying can be difficult. Very difficult.
There had, up until recently, been high hopes that the tectonic shift towards decarbonisation could provide the impetus for a reshaping of the way WA does business and makes its money. "There has been a rapid ramp-up in global nickel supply, particularly from Indonesia, supported by substantial Chinese investment in new processing capacity," treasury noted.
For all of the talk of economic diversification – both at a state and federal level – iron ore remains an engine room for much of Australia's national prosperity.In recent times, there have been a flurry of announcements made and initiatives launched by governments promising to build similar success stories in other industries, from critical mineral mining and hydrogen production to solar panel manufacturing.
Source: Financial Digest (financialdigest.net)
Perth News News Wa News Perth Wa State Budget Budget 2024 State Budget Winners And Losers Wa Budget Outcomes Wa Budget Summary Nickel Gst Wa Gst Iron Ore
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