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12-Apr-10 12:00 PM EST

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Wrap Up from Investor Luncheon with the Hon Colin Barnett, Premier of Western Australia

The American Australian Association hosted an investor luncheon on Friday, 9 April 2010 for the Premier of Western Australia, the Hon Colin Barnett. The high level executive lunch was sponsored by News Corporation and attended by CEO and Chairman Rupert Murdoch AC. Robert Thomson, Managing Editor, The Wall Street Journal introduced the Premier to invited guests. Other guests included Michael Loeb, CEO, Loeb Enterprises and a mix of high powered investors and corporate executives, including from Alinda Capital Partners, Castle Harlan, Sims Metal Management and TM Entertainment.

During his presentation, Premier Barnett showcased Western Australia as a prosperous state with the fastest growing state economy in Australia. He commented that the Western Australian economy (like the Australian economy) had successfully weathered the international recession and was now preparing for a major expansion of its resource industries and welcomed foreign investment. While mining and petroleum dominate the economy, the Premier remarked that Western Australia had a first world economy that is increasingly diversified, for example in 2009, Western Australia Doctor, Fiona Stanley won the Nobel Peace Prize in health for developing a spray on skin for treating burns. The Western Australia workforce is skilled, increasingly mobile, highly educated and the population of 2.2 million enjoys a very high standard of living.

Western Australia Key Facts:
• Accounts for 62 per cent of Australia’s mineral production
• Accounts for 65 per cent of Australia’s oil production

Western Australia Share of World Commodity Production:
• 20 per cent of iron ore and alumina
• 15 per cent of nickel
• 8 per cent of gold
• 7 per cent of liquefied natural gas
• 15-17 per cent of mineral sands

According to the Premier, the driving force behind West Australia’s strong continued growth is Asian economic development. Positioned on the edge of Asia and blessed with an abundance of resources, WA has a significant market share and connection with Asia - 70 per cent of exports into China; 40 per cent of exports into India; and 33 per cent of exports into Japan come out of Western Australia. In 1996 the Chinese steel industry reached 100 million tons of steel production and by 2009, steel production was at 586 million tons. WA supplies 40 per cent of the iron ore imported into China and it is a physical struggle to bring on new projects.

Australia currently ranks 5th in the world as a producer of LNG or as Premier Barnett said "I will be patriotic here – WA ranks 5th in the world". By 2020 Australia or WA will be 2nd only to Qatar. The petroleum sector is set to expand as new projects come online. Gorgon on Bowral Island is the largest resource project in the world and the largest project Chevron has ever undertaken. Other petroleum projects include Woodside’s Pluto and Apache’s Devil Creek. The Oakajee Industrial Estate and Port Project will be a new integrated port, rail and industrial estate that will further support the resources sector.

In summary, Premier Barnett suggested that Western Australia is the only resource rich country with a first world economy – it is a stable and secure place to invest – come visit and discover it for yourself.

View photos from the lunch

Listen to Fox Business News’ exclusive interview with Premier Barnett here:
http://video.foxbusiness.com/v/4144340/us-needs-financial-advice-from-australia/?playlist_id=87247

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