Opinion Piece - The West Australian - 5 Ideas to Boost the Western Australian Economy in 2020
RING YOUR BELL IF YOU THINK WE NEED MORE CASH FROM FEDS
Bike accidents are nasty events. Peacefully riding along when, seemingly out of nowhere, there’s a pothole, or, in my case, a brick, which sends a rider over the handlebars and left entirely in the control of gravity.
In March 2016, it was such an accident in the Perth CBD which left my shoulder smashed and my ego more than a little bruised. It took an expert team at Royal Perth Hospital, 11 titanium screws, lots of physio and endless patience from my wife Jess to get me back in shape.
Bike riding took a hiatus for several years. Until this summer, when for the first time in almost four years, I got back on my bike — a birthday present from my wife who thought it was time for another shot on the bike. No lycra has entered my wardrobe, but the return to the bike paths has been another way to appreciate the beauty and diversity of the Perth electorate. Admiring afresh the Swan River, Kings Park, Elizabeth Quay and seeing exciting future developments like the airport train line and East Perth power station redevelopment.
But there is one thing that is unavoidable to see wherever you ride in Perth — our city’s economic recovery is taking too long. Shops that have closed, housing construction that has been abandoned, and people who are struggling to get by.
Premier Mark McGowan’s efforts on jobs, tourism and infrastructure have made a big difference. But it is time the Federal Government came to the table.
When the WA economy does well, the Australian economy does well. There are clear actions the Federal Government should take this year to boost the WA Economy.
First, we need the Perth City Deal to be finalised. It is almost a year late. Prime Minister Scott Morrison should finalise it. Urgently. If done right, this deal will deliver funding and jobs for Perth and for WA. I have advocated the city deal being used to fund investment in education, CBD light rail, a national indigenous museum and the WACA redevelopment. It is a worry that WA may get less funding because of the delay in finalising this deal. That would be unacceptable.
Second, the Federal Government should give more tax relief to WA small businesses. I was heartbroken by the closure of Kosmic Music this month. Across Australia business investment is now at its lowest level since 1990s recession and the coronavirus is a real threat that business confidence will get worse.
The easiest and fastest way to give tax relief to small business is an investment incentive. Imagine the instant economic boost if small businesses got a 20 per cent tax break this financial year for investing in a new plant or productive equipment. Third, the Northern Australia Infrastructure Facility is floundering. The $5 billion loan facility has released less than one per cent of its total funding across Northern Australia.
There are 89 projects being assessed by the NAIF. Some 37 per cent of those projects are in Western Australia. It is time for the Government to invest and get WA’s economy back on top.
Fourth, the National Faster Rail Agency has completely ignored Western Australia. In 2017 the Federal Government’s Fast Rail Prospectus identified four possible routes in WA. But now all nine business cases they are working on are on the east coast. There could be huge national economic benefits in a high-speed rail between my electorate of Perth and Bunbury. It would be a transformative infrastructure project for our State.
Fifth, an increase in Newstart will be good for thousands of struggling Australians and will boost local businesses. The longer that the Government refuses to increase Newstart, the more West Australians who can’t find work will hurt.
These are just five straightforward, practical ideas on how in 2020 our Federal Government can boost the economy of the biggest, I would say best, State in Australia.
This piece was first published in The West Australian on Monday, 2 March 2020.
MONDAY, 2 MARCH 2020