INDUSTRY NEWS
HRIA WA PRESIDENT
Hire&Rental
HRIA WA President Craig Palmer offers his view on the market in Western Australia
Hire Industry Mag Bimonthly 86.5 w x 130 h
Western Australia has 13.1% share of Hire industry enterprises nationally, which outweighs the state’s share of the national population. This is reflective of a state that has a large mining industry and has attracted the largest hire companies to take large positions in regional areas. Much of the demand for hire equipment in mining is in a large part due to the iron ore sector servicing China’s need for raw product to make steel and construction supplies. However, the China's zero-Covid policy and domestic housing crisis, is having an effect on potential demand for our raw product. There will be opportunities for growth in natural gas, copper and lithium mining markets.
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Overall, the picture in Western Australia for the next two years is positive, particularly following the surprise $6 Billion budget surplus. It is forecast to grow via non-residential construction, construction of apartments, favourable trends in some mining sectors, agriculture, transport and household markets, and strong levels of transport infrastructure construction. It's fair to say that businesses are expecting higher interest rates over the coming 12 months, and cost increases broadly due to inflation. Hire businesses that can manage their costs and employees and adopt new technologies will do well over the next couple of years.
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