Treasury Portfolio[ edit ] Eleven organisations nominally fall under the auspices of the Australian Treasurer. The agencies undertake a range of activities aimed at achieving strong sustainable economic growth and the improved well-being of Australians. This entails the provision of policy advice to portfolio ministers who seek to promote a sound macroeconomic environment; effective government spending and taxation arrangements; and well-functioning markets.
However, with large LNG projects in their final stages of construction — including the Wheatstone project that began exports in — around 85 per cent of the forecast decline in investment from the peak has now passed.
The Western Australian economy has moved from investment-led growth to export-led growth over recent years. New productive capacity created by the investments over the past decade has increased export volumes.
Growth in export volumes is likely to be lower in coming years as LNG projects ramped up to full capacity and Chinese demand for iron ore reduces. Major resource projects developed over the past decade require large, ongoing operating and capital expenditures to sustain their operations, creating opportunities for the mining services, manufacturing and transport industries, and higher mining employment.
Prospects for the Western Australian economy are positive with investment in new projects and increasing minerals exploration and job vacancies. Rio Tinto is also considering developing its Koodaideri iron ore project and LNG producers are considering investments to backfill, or possibly expand on, existing facilities.
While recent announcements for new projects indicate that resources will remain a mainstay of the Western Australian economy, the resources industry is capital intensive and may become even more so as companies increasingly look to automate their operations.
If employment growth is to be sustained in Western Australia, economic activity will need to broaden into other more labour intensive sectors. You may also be interested in.The Treasurer of Australia is the minister in the Government of Australia responsible for government expenditure and revenue raising.
The Treasurer plays a key role in the economic policy of the government.
The current holder of the position is Josh Frydenberg, whose term began on 24 August The Treasurer administers his functions through the Department of the Treasury and a range of.
Australian perspectives on global disrupters. If you enjoyed this article, please like or comment below.
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Disclaimer: The views and opinions expressed in this article are solely those of the author in his personal capacity. A recent survey of money managers by the Bank of America Merrill Lynch found that 48 percent believe that global fiscal policy remains too tight, a sentiment echoed by many other economic.
Develop your professional expertise in environmental governance, environmental economics, environmental assessment to deliver economically viable, socially acceptable and environmentally sustainable public policy programs. The latest Westpac-MI Leading Index suggests Australian economic growth will be well above 3% in the first half of The RBA’s latest forecasts are for GDP growth of % in The Economic Society of Australia (ESA) ACT invites you to our Christmas Drinks night, where we will reflect on the year that was and consider the year to come.
The venue is the beautiful and relaxing facilities at The Commonwealth Club.