Record $10bn monthly national trade surplus mostly down to WA.
The WAxit Party has noted that the latest national record monthly trade surplus of $10 billion is mostly due to Western Australian iron ore exports.
WAxit Party spokesman Mr. Russell Sewell said that Western Australia is once again carrying much of the burden of national economic prosperity, but questions how long this can continue.
The Australian newspaper today reported that Western Australia has also recorded the best budget performance in the world throughout the pandemic, underpinned by a boom in mining royalties that have shielded the State’s bottom line from the worst world recession in nearly a century.
“Continuing high demand from China for Western Australian iron ore is propping things up at present when there are serious weaknesses elsewhere in the nation’s economy, but for how much longer can we continue to rely on this,” Mr. Sewell asked? “Two of the State’s largest iron ore miners are developing lower-cost mines in Africa and South America. These operations will directly compete with Western Australian iron ore in the Chinese market and they will come on stream within the next five years,” Mr. Sewell said.
Mr. Sewell said more needs to be done to expand the basis of the State’s economy beyond the export of unprocessed minerals and agricultural products. “The WAxit Party is contesting the State Election on a platform of separating Western Australia from the Australian Federation,” Mr. Sewell said. “We intend that revenue from the State’s resources should primarily benefit Western Australians,” he said. “A key element of the party’s platform is also to develop the economy of the State by adding value to the State’s mineral and agricultural resources locally,” he said.
Media contact: Mr. Russell Sewell – WAxit Party Spokesman - 0410 840 168 (Mob)