Continuing signs of return in business confidence

9/8/93

Premier Richard Court today said he was pleased with continuing signs of a return of business confidence in Western Australia with the release of the latest new business figures showing that during June 1993 there were 982 new business incorporations, representing an increase of 42 per cent compared with June last year.

"Overall, during the first six months of 1993 there has been a total of 3,173 new business incorporations in Western Australia which is an increase of 41.6 per cent compared with the first six months of 1992," Mr Court said.

"The month of June alone accounted for nearly one third or 31 per cent of total new business incorporation during the first half of 1993.

"This growth in new business incorporation coincides with an increase of 29,500 new jobs in this State during the past six months of 1993, with Western Australia accounting for some 38 per cent of Australia's total employment growth during this period.

"The State Government is also pleased with the decrease in the rate of business insolvencies, which fell by some 45 per cent or nearly half during the first six months of 1993."

Mr Court said the State Government had set restoring business confidence as the key economic objective during the first year of government.

"When the Coalition Government was elected in February, new investment had been stagnant for five years and business confidence was extremely low," he said.

"As a government, we are determined to demonstrate to the business community that we will take action to assist the development of private enterprise in this State so that more long-term sustainable jobs can be created.

"During the first six months of our Government, rhetoric has been replaced by political action to assist the small business community in particular.

"As a government, we have already introduced and will introduce further major economic reforms which will make our industry more competitive.

"Creating a climate where the private sector wants to invest in this State means more employment opportunities for Western Australians."