The Australian, and particularly the Western Australian economy are robust and diverse. They are well positioned to handle any major world recessions due to their history of maintaining high employment and sustainable growth.

In 2015 we saw the inevitable slowing of the mining boom that had brought considerable wealth and employment to Australia. This followed two decades of continuous growth. Demand for resources and energy from Asia has stalled and significant falls in prices have impacted growth. The loss of jobs has impacted on the prices of real estate particularly in Western Australia.

It must be said however that the resilient Perth economy is already re-inventing itself with a major boost through the tourism and hospitality industry and already there are signs of a strengthening of commodity prices as demand increasing internationally.

It has long been said that Western Australia is the most adaptable of all the states due to its strong and flexible economy. This characteristic is likely to continue for many generations as WA positions itself for the next major upturn.

Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up our markets has increased productivity stimulated growth and made the economy more dynamic. There is enormous appetite from Asia for investment in Western Australia as interest from China, Japan, India Indonesia and Singapore increases each year. Being part of The World Trade Organisation is a further stimulus.