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Why Perth is Ideal for Business Owners
The mining boom brought abundance to certain parts of Australia, and Western Australia was a state that experienced the rush. People were flying in to Western Australia for work, everyday Aussies were taking advantage of the property boom and the government had royalty money coming in. Unfortunately, booms are followed by busts, and although some are talking about mining rising again, in some ways the damage has been done. In particular, the WA government’s debt is set to pass $40 million despite the greatest economic boom in its history.
This may seem like doom and gloom, but the recent bust has led to a great environment for people ready to go into business. The state government has realised that economic diversity is essential to keep the economy steady even as resource prices rise and fall, and they’re ready to invest to help new businesses and industries get established in the state. As around 2 million of WA’s 2.58 million people live in Greater Perth, much of this investment is going to the capital. The City of Perth is also supporting these moves, and new business owners can take advantage of that.
The City of Perth is focused on growing technology, entrepreneurial and innovative sectors in the city. Through clustering innovators and encouraging collaboration, the city is encouraging creative entrepreneurs and knowledge-based economies. Perth has a number of co-working spaces allowing organic networks to form that help grow new businesses and new industries.
The city also sponsors innovation-based programs including TEDx, GovHack, Startup Weekend and the West Tech Fest, bringing Silicon Valley entrepreneurs, angel investors and venture capitalists to the city. This has helped make WA second in the country for the percentage of innovation active industries.
Connections to the World
Like much of Australia, tourism is a key industry in Perth. It brings $10 billion to the state’s economy, and the state government is spending to encourage 100,000 Chinese visitors by 2020 to contribute another $500 million to the economy. It’s expected that the industry will grow faster than global GDP in the next 10-20 years, and businesses in the industry are set to grow.
Perth also has great export and global business connections. Six of the world’s top seven energy companies are headquartered in Perth, and the city houses 50 consulates with more opening every year. This helps businesses connect to international markets and create a global brand and helped WA produce 46 per cent of Australia’s exports in 2011.
New and Existing Industries
The mining boom helped make Perth a global centre for minerals and energy. The expertise in mining, engineering, renewable energy and the green economy offers businesses opportunities to grow by improving existing products and developing new ones. Perth is committed to investing in this knowledge, which is why it’s a founding member of the World Energy Cities Partnership, an organisation committed to exchanging research, strategies and expertise within the energy sphere.
As part of its economic diversification strategy, Perth is also focusing on the growing opportunities in the health and medical research sphere. The QEII Medical Centre, the largest medical centre in the southern hemisphere, is located in Perth. The centre is a global leader in health care, research, innovation and education, and businesses in the medical field will benefit from the networks around it.
There are plenty of other reasons why you might want to buy a business and settle down in Perth. It has the sunniest days in Australia, a high average salary, and is consistently ranked in the top 10 most liveable cities. It is also number one in the nation for developmental approval time frames. Whether you’re ready to buy a business, or marketing your own to potential buyers, Perth’s commitment to innovation and economic diversity is sure to help you in your endeavours.
With strong growth momentum and so many business resources, Perth is showing a commitment to supporting local business and setting company owners up for success. If you’re ready to see how you can take advantage of all the city has to offer, contact LINK Perth today.