Western Australia's economy is expected to slow by almost 40 per cent in 2008/09 and nearly 50 per cent the following financial year as the fallout from the global financial crisis impacts the state and demand for resources commodities wanes.
Mining and market groups have called the federal government to fast track the implementation of its promised investment incentive scheme that is expected to encourage mineral exploration.
The state government has confirmed that the University of Western Australia will be the headquarters of a new $20 million radio astronomy research centre that is designed to help WA win the $2.5 billion Square Kilometre Array project.
The weaker Australian dollar is expected to provide a buffer for Australia's commodity export earnings, which is forecast to drop by over 10 per cent for the 2009 financial year.
Manganese miner OM Holdings has revealed it has suspended shipments at a loss of over $12 million in response to weaker market conditions, which has also prompted a 30 per cent cut to annual production next year.
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Premier Colin Barnett says he is "thrilled" with a federal government infrastructure package, which includes $195 million for the Ord River Irrigation Scheme but has very limited contributions for other projects in Western Australia.
Shares in Andrew-Forrest-led Poseidon Nickel jumped as much as 30 per cent today on news the company had entered into exclusive talks to acquire a "significant" nickel project in Western Australia.
Grange Resources shareholders have overwhelmingly voted in favour of its merger with private Tasmanian magnetite iron ore pellet producer Australian Bulk Minerals.
Western Australia has received little in the federal government's $4.7 billion nation building package designed to help combat the affects of the global financial crisis, receiving a total of $318 million.
Rio Tinto appears to have lost its rights to the northern half of a valuable mining concession in Guinea that is intergral to its iron ore production plans.
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A social housing taskforce is to be established to review the acute shortage of public housing in Western Australia and to come up with innovative strategies for addressing the problem.
A consortium comprising Satterley Property, Leighton Contractors and Ngarda Civil and Mining has been announced as the preferred proponent to further investigate development of a 120 hectare parcel of land in Port Hedland.
Nickel miner Albidon says it will slash its mining workforce in Zambia by half and downsize its Perth office as part of cost cutting measures following an operational review.
Regional energy supplier Horizon Power has teamed up with PowerCorp and SunPower Australia to build two solar power stations in the Pilbara, valued at $25 million.
Clean energy technology group Orbital Corp says it expects to post a loss of up to $2.7 million for the first half 2008/09 as it reviews its option to maintain its interest in a manufacturing joint venture.
Woodside boss Don Voelte and Rio Tinto Iron Ore CEO Sam Walsh are surprise additions to the board of West Australian Newspapers Holdings, while Channel Seven's Chris Wharton has been appointed as WAN's chief executive.
Shares in West Perth-based Bass Metals have jumped as high as 40 per cent today after it reached agreement to buy the Hellyer processing plant from Intec for $4 million.
Western Australia has led the national job decline in November with the unemployment rate jumping up to 3 per cent seasonally adjusted, while economists are tipping the national jobless rate to rise to 5.5 per cent within a year.
Air New Zealand has taken a major stake in Perth-based leisure technology firm V Cubed, with the two companies to establish a joint venture to launch V3's tourism booking exchange in New Zealand.
Burrup Fertiliser chief Pankaj Oswal has emerged as a substantial holder in West Perth-based Phosphate Australia, spending over $2 million for a near 6 per cent slice.
Rio Tinto's shares surged over 10 per cent at the start of trade in response to its plans to slash 14,000 jobs, cut spending and costs and sell assets due to the global economic crisis.
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THE failure of one commercial venture could provide a boost for a new and potentially much larger venture at the University of Western Australia, which is the likely headquarters of a $20 million radio astronomy research centre.
