Structural economic reform foreshadowed

28/4/93

Premier Richard Court today foreshadowed major structural reform of the State economy during the next four years to help Western Australia take advantage of burgeoning trade growth in the Asian region.

The Premier said trade growth in Asia was forecast to increase by about 10 per cent during each of the next four years - the largest increase of any region in the world.

"Reforms to transport, energy, industrial relations and the public sector would position the State to compete more effectively in the Asian region during the next four years," Mr Court said.

"The package of sweeping reforms announced today for Westrail is an example of the Coalition's commitment to ensure that Government trading enterprises perform more efficiently, assisting our export-driven economy.

"The social consequence of a more efficient economy will be more employment opportunities - particularly for our young people - because we are able to take advantage of expanding trade opportunities."

Speaking during an address to mark the 125th anniversary of the Perth legal firm Parker and Parker, Mr Court said that Western Australia was now trading in the most competitive region in the world.

"As a State we have no choice but to develop a sharper focus on Asia, especially when you consider the growth in trade with Asia during the past ten years," he said.

"Currently Asia accounts for $9.8 billion, or more than 70 per cent of Western Australia's total exports.

"And in the last decade the value of trade with Asia has increased by over 300 per cent.

"Asia also accounts for nearly half of all new investment in this State.

"Japan, which is our largest trading partner, alone accounts for more than one third of foreign investment in this State."

Mr Court said that Western Australia had to position itself to develop new export markets in the Asian region.

"Expanding the manufacturing sector through more value-adding to primary products will be a key economic objective," he said.

"We will also be targeting the expansion of existing trade opportunities in areas such as tourism and education services.

"There will also be a push to develop new energy export markets to capitalise on the Government's objective to make Western Australia the largest petroleum producer in Australia during the next four years."