Western Australian Economy. Legal and Political Environment Essay

Western Australian Economy. Legal and Political Environment - Essay Example The industrial and commercial sectors have been the leading presentations used to offer the needed ventures to achieve stability in income generation and present stable resource acquisition. Developed societies have excelled in presenting stable economies with a larger share in GDP and proper application of the resources available. With the competition in the business industry to maximize on the available resources, opportunity generation is elevated. The other stable presentation has been in the government provision to offer the needed resources and opportunities to stabilize the economy. Western Australian economy has been the example of the dominant GDPs in the global sector with an elevating sector that is boosted by stable supply in the resources. The economy has been developed based on the principles required in developing stable economies capable of presenting support to the existing population. The economy has grown since 2010 by 3.5% with a stable supply of mineral reserve a nd energy to drive the industries (Government of WA, 2002). With globalization, the existing sanctions and limited operations within borders have been opened to promise free participation of foreign members in exploiting the resources available within the country. The globalization aspect has been noticed to play a significant role in developing the stable economy of Western Australia with resources and energy sources benefiting from the modernization process. Legal and Political Environment The political sector within the Western Australian economy sector has been classified to be advanced into providing the needed platform to conduct business activities. With the economy supported by stronger policies and a stable mining economy, the developments have been subjected towards maintaining the level of income within the industrial sector. The global Financial Crisis (GFC) had been avoided due to the strength of the policies subjected towards developing the available resources and allo wing the needed platform to conduct foreign business (WACAR, 2010). The resources have developed the ideology in the government and legal framework and offer stable employment opportunities and utility of the resources (Scott, 2012). Western Australia covers the region of an estimated one-third within the whole Australia with the majority of the labor supplied by the interstate and international workforce. The other contribution by the WA government has been extended in the provision to offer a $30 billion budget to be supported to development sector (WACAR, 2010). The state has supported the needed initiatives to be invested in development projects to favor the increasing market sector with the labor department encouraging foreign policies to add to the population. With the increasing population, the budget has also been developed to support modern urban housing projects to the increasing population within the economy. The population with the incentive that is given to development projects and the business community prefers the current elected government. The government realizes the need to offer stability within the WA economy by presenting the needed funds to develop the health sector, education and infrastructure. The legal framework is supportive of the reforms to support health facilities and offer strict regulations against the parties that exploit the oil resources. The state government laws support the stable urban system and the by-laws that offer security to the development platform noticed within the region. Financial Climate The economy is greatly supported by the export of minerals in gold and natural gas and boasts of a dominant facility to support the industries within the econom