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Economic Profile
Western Australia has one of the fastest growing economies in the world. In 2006, recorded a higher rate than China’s, far exceeding Australia’s national growth rate.
The City of Perth houses substantial assets including highly skilled workforce, leading resources companies’ headquarters, busting retail industry, state of the art infrastructure and a range of services making the city an ideal place for doing business.
Sector: Office Business
The office business sector is the primary focus of the economic activity in the city, employing over 70% of the workforce. Major components of this sector include government services, professional services, finance and investment.
Sector: Retail
The city shopping experience includes emporium style and specialist shopping, extended shopping hours and a city atmosphere that provides a contrast to the uniformity of suburban malls. There are over 900 specialty shops within the city’s Central Business District (CBD), all interconnected through a series of arcade and malls. Choices range from designer fashion to children’s toys, gourmet cuisine and high tech goods.
Sector: Tourism
The City of Perth attracts more visitors than any other WA destination. The city is a gateway for most international visitors, who stay one or more nights, nearly two thirds of visitors to WA stay exclusively in the city. Attracting over 1.8 million visitors, the city offers a wide ranging tourism product.
Sector: Resources Industry
The resources industry is very important to the economic development of Western Australia, contributing more than one quarter of the state's total production per year and more than half of its exports.
Over 50% of Australia’s energy projects and metal mining projects are directed from Perth’s CBD that also manages 80% value of mining projects (A$11.7 billion WA of Australia total $14.7 billion)
Over 25% of the largest resources companies in the world have their regional headquarters in the city, including Rio Tinto, BHP Billiton, Woodside, Chevron, and Shell to name a few.
Sector: Property Market
The city’s growing economy is impacting on the value of new proposals and developments underway. Strong demand for workspace is powering an upsurge in major office development, as occupation rates hit an all time high.
Demand for inner city living is enjoying a welcome revival as residents flock back to central Perth.
Sector: Civic
The city is the focus of civic activities with several locational advantages for industry and public areas.
There are strong linkages to culture, entertainment, amusements and accommodation, together with travel related and personal services.
Employment
Plenty of opportunities within Perth’s booming economy bring the unemployment rates to low record levels. The unemployment rate in WA is consistently below the national average, way under 4%.
