Western Australia is the largest in Australia by far, and is also the second largest non-national jurisdiction in the world. It covers almost one-third of the Australian continent.
In the north, the state is bordered by the Timor Sea, and on the West and South it is bordered by the Indian Ocean. It is bordered on the east by the Northern Territory and South Australia.
Interestingly, it only has 2.3 million citizens, with the vast majority of those living in the southwest corner of the state.
Business in Western Australia
Like anywhere else on the continent, Western Australia has its own business strengths.
If you're looking for a business for sale in Western Australia, Perth should be your first stop. It contains almost 1.7 million of the state's 2.3 million total inhabitants.
Mandurah, with 83,000 citizens, and Bunbury, with 66,000, are the next two largest population centers. After that, the nearest city, Kalgoorlie-Boulder, has just 32,000 citizens.
For business owners, the most interesting point is that minerals and petroleum drive the its economy. The economy, unsurprisingly, is tightly bound to the distribution of natural resources.
Measured per person, the gross state product is nearly $70,000, which is the highest of all states. The national average is $54,600.
In recent years, this state has diversified its production base. While it still relies heavily on mining and oil, this diversification protects it better from economic fluctuations.
Like other Australian territories, this economy has seen strong growth in the finance, insurance, and property industries.
Growth in emerging market economies such as China has led to an increased demand for minerals and oil. This increased demand has helped keep the Western Australian economy operating above the national average.
Despite its small population, this state's exports make up about 36% of the national total. The major exports include iron-ore, crude oil, natural gas, gold, wheat, sheep, and cattle.
Agricultural production in this region is also significant. Although production is significantly affected by the seasons, this region produced nearly half of all wheat in the nation.
Because of the growth in mineral and oil production, there is a shortage in labor. The government has been increasing migration-friendly policy as a result.
Buying a business in Western Australia should work out well for you if you are interested in minerals or petroleum. However, the services industries are quickly growing as well. If you are selling a business in Western Australia, those sectors present a good opportunity.
About the Author
This Wiki was written by Andy White, CEO of Biz Trader .