The WA economy is recovering from the effects of the COVID-19 pandemic and grew in real terms by 1.4% in 2019-20, the only state economy along with Tasmania to grow during the year from higher iron ore, gold and nickel prices etc. resulted in the mining industry’s share of the state economy rising to a record high of 43% in 2019-20.
The WA labour market has largely recovered from the impact of COVID-19. By January 2021, WA had regained 86% of the decline in employment between February and May 2020. Employment prospects remain positive with internet job vacancies reaching 21,415 in January 2021, the highest level since October 2012 and 31% higher than in January 2020. The large increase in WA’s job vacancies reflects both the demand for workers from a recovering economy and labour shortages in parts of the economy that had relied on overseas and interstate workers.
The construction of major iron ore projects, which have supported business investment in recent years, will be complete by 2022 and there is also growing interest in investment opportunities in emerging sectors such as hydrogen and renewable energy.
The WA Government’s Recovery Plan also includes actions to deliver long term objectives such as investing in new technologies, building community infrastructure and unlocking barriers to investment. It also provides support funding for the WA International Education Recovery and Renewal Plan, which was launched in December 2020 and articulates proactive initiatives to support the international education sector to reposition, recover and achieve long-term sustainability.
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