Western Australia Minister for Planning Donna Faragher
Elizabeth Quay A Boost To State Economy
Victor P Taffa
- $2.9 Billion in direct economic impact for Western Australia
- Elizabeth Quay will create an average of 543 jobs each year through to 2026
Elizabeth Quay retailers are selling 6,000 pizzas a month and 7,000 scoops, or one tonne, of ice cream every week, supporting visitor data which shows the community has embraced Perth’s newest waterfront destination.
Planning Minister Donna Faragher also said since it opened in late December, the Elizabeth Quay Carousel had sold more than 10,000 tickets and there had been a substantial increase in ferry patronage with 86,239 boardings in December 2016 compared with 39,865 for the same month in 2015.
“New data shows more than 6.6 Million people have visited the quay since opening and several successful businesses have emerged offering new experiences for locals and visitors.” Mrs. Faragher said.
“Business investment is traditionally a key driver of growth in WA and projects such as Elizabeth Quay provide invaluable economic benefits and provide essential jobs, new business opportunities and attract investment in our State.”
New economic modelling shows Western Australia will reap an impressive return on its investment in Elizabeth Quay.
An assessment of the project by Deloitte Access Economics showed Elizabeth Quay will have a direct economic impact in excess of $2.9 Billion in private construction and tourism expenditure, and create hundreds of jobs each year.
“This report demonstrates the value of investment by the State Government in major projects such as Elizabeth Quay, which have already contributed millions of dollars to WA’s economy and are expected to contribute billions more.” Mrs. Faragher said.
“Construction is well underway on new hotels and residential apartment towers, and it is predicted Elizabeth Quay will directly create an average of 543 jobs across Western Australia each year, reaching a peak of 962 jobs in 2022-23. The project is also estimated to contribute a cumulative $637 million to gross State product by 2025-26.”
Modelling estimates Elizabeth Quay could boost tourism expenditure in WA by a total of $348 Million by 2025-26.
- Deloitte’s economic impact assessment considered capital works, operating expenditure, construction costs and tourism-related expenditure, as well as flow-on benefits to the State economy
- Visitor numbers are collected using Wi-Fi data with measures in place to count mobile phones only once each day and account for visitors without mobile phones