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Future-Proofing the WA Economy: A roadmap to industrial diversification and regional growth

Author

Listed:
  • Steven Bond-Smith

    (Bankwest Curtin Economics Centre (BCEC), Curtin University)

  • Alfred Michael Dockery

    (Bankwest Curtin Economics Centre (BCEC), Curtin University)

  • Alan S Duncan

    (Bankwest Curtin Economics Centre (BCEC), Curtin University)

  • Daniel Kiely

    (Bankwest Curtin Economics Centre, Curtin Business School)

  • Silvia Salazar

    (Bankwest Curtin Economics Centre, Curtin University)

Abstract

Future-Proofing the WA Economy is the fourth report in the Bankwest Curtin Economics Centre’s Focus on Industry report series. The report recommends the implementation of a ‘smart specialisation’ approach to regional diversification, to ensure that new development opportunities build on existing regional capabilities and capitalise on local conditions and networks. Of course, this doesn’t mean taking our ‘foot off the gas’ in the parts of the economy that are going well. A fundamental element of smart specialisation is to support those industries that the regions are leading in. But the smart specialisation policy is useful to encourage diversification into new industries that build on WA’s existing advantages. This report contributes an important new evidence base to inform the State’s diversification strategy, based on a data-driven approach to identify current industry strengths and emerging opportunities in each of WA’s ten regions. The report puts forward a series of recommendations to support the State’s diversification strategies. In doing so, our hope is that more economic development opportunities in Western Australia will be seized rather than lost.

Suggested Citation

  • Steven Bond-Smith & Alfred Michael Dockery & Alan S Duncan & Daniel Kiely & Silvia Salazar, 2019. "Future-Proofing the WA Economy: A roadmap to industrial diversification and regional growth," Bankwest Curtin Economics Centre Report series FI04, Bankwest Curtin Economics Centre (BCEC), Curtin Business School.
    • Handle: RePEc:ozl:bcecrs:fi04
    as

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    File URL: https://bcec.edu.au/assets/2019/08/BCEC-Future-Proofing-the-WA-Economy-report.pdf
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    References listed on IDEAS

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    4. Steven Bond-Smith & Alan S Duncan & Daniel Kiely & Ha Trong Nguyen, 2016. "From Paddock to plate: WA’s potential in agriculture and agribusiness," Bankwest Curtin Economics Centre Report series FI01, Bankwest Curtin Economics Centre (BCEC), Curtin Business School.
    5. Craig Freedman & Robin Stonecash, 1997. "A Survey of Manufacturing Industry Policy: From the Tariff Board to the Productivity Commission," The Economic Record, The Economic Society of Australia, vol. 73(221), pages 169-183, June.
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    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Ana Grisanti & Douglas Barrios & Eric S. M. Protzer & Jorge Tapia & Ricardo Hausmann & Semiray Kasoolu & Tim O'Brien & Rushabh Sanghvi & Nikita Taniparti, 2021. "Growth Perspective on Western Australia," CID Working Papers 393, Center for International Development at Harvard University.
    2. Steven Bond-Smith, 2022. "Diversifying Hawai‘i’s specialized economy: A spatial economic perspective," Working Papers 2022-5, University of Hawaii Economic Research Organization, University of Hawaii at Manoa.
    3. Steven Bond-Smith, 2024. "Diversifying Hawai‘i's Specialized Economy: A Spatial Economic Perspective," Economic Development Quarterly, , vol. 38(1), pages 40-59, February.
    4. Ana Grisanti & Douglas Barrios & Eric S. M. Protzer & Jorge Tapia & Nikita Taniparti & Ricardo Hausmann & Rushabh Sanghvi & Semiray Kasoolu & Tim O'Brien, 2021. "Western Australia – Research Findings and Policy Recommendations," CID Working Papers 395, Center for International Development at Harvard University.

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    More about this item

    Keywords

    Western Australia; WA economy; smart specialisation; industry diversification; industry concentration; regional economic growth; regional development; industry relatedness; economic complexity;
    All these keywords.

    JEL classification:

    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Regional Migration; Regional Labor Markets; Population
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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