Even though WA’s economy has been moving slowly for a while now, there may be a silver lining for it now. According to Premier Colin Barnett, Brexit could be the impulse the economy of this state needs as he believes that more young British families will move to WA, and the international investment will also be boosted.
Brexit – bad for the British, good for WA’s economy?
The financial markets all over the world were seriously affected by the referendum regarding the exit of the United Kingdom from the European Union, but Mr. Barnett doesn’t seem to be worried at all when it comes to WA’s economy. Many other states are already concerned about the negative impact of Brexit on their economy, but Mr. Barnett suggests that this decision may actually have a positive influence on his state.
In The Sunday Times interview, the Premier said that he believes UK’s vote for leaving the European Union was the wrong decision for them, and he feels sorry for this, but on the other hand, he considers that their vote will be beneficial for WA.
Mr. Barnett predicts that we will soon witness capital coming in, next to new investment, and even more important, young British families coming to WA to live here. These people who will move to WA will bring their qualifications, intellect, abilities, and most probably, their money, too.
The latest reports regarding the referendum show that the individuals who didn’t agree on Brexit were young citizens. Whether they have a family or not, they will feel insecure about their future in the United Kingdom. Therefore, it is perfectly reasonable for them to seek job security, housing affordability, career opportunities, an effective health system, and quality education. According to Mr. Barnett, these aspects will count a lot for the British in the near future, when having to make significant decisions. And they will determine more and more young families to move to Australia. In his opinion, WA will be among their favourite states for starting a new life.
The premier also mentioned that the highest density of people from the UK living in Australia is in WA. Therefore, when deciding where to move, British migrants will also take into consideration which state provides them more “familiarity.” Once again, WA is the most attractive choice.
Also, a spokesperson from the Chamber of Commerce and Industry WA agrees with Mr. Barnett’s opinion and says that British people and businesses will look for new opportunities around the world, and this state’s financial environment is very attractive. When they will move here or start investing here, WA’s economy will be enhanced significantly.