Australias Economic Forecast - Case Study Example

Engineering Investment Engineering Investment Australia’s Economic Forecast The economy of Australia is projected to produce a spectacular growth in the coming five years following vigorous businesses and high level of consumer confidence. The Country’s GDP (PPP) was projected to increase annually in the rage of 4.81 to 5.09 percent between 2011 and 2015. Australia’s GDP (PPP) is projected to hit US$1.122 trillion by the close of 2015. Also, the GDP (PPP) per capita of the country is projected to experience good growth. In 2010, Australia recorded a GDP (PPP) per capita of US$39,692.06 up from 2009 value of US$38,633.17, which placed the country in the tenth position globally in terms of GDP per capita ranking. The forecast indicated that Australia’s per capita GDP (PPP) in 2011 would be US$41,089.17, which is a by 3.52 percent increase. The per capita GDP (PPP) was projected to increase from 2011 to 2015 with the country expected to record US$47,445.58 in GDP (PPP) per capita when 2015 ends. Even though Australia exhibits strong economic growth, the rate of unemployment still remains fairly high in the country. Unemployment rate in the country was 5.192 percent in 2010, which was 0.22 percent above global average value of 4.97 percent. Wayne Swan, Australia’s Treasurer and Deputy Prime Minister, recognized the unreasonably high unemployment rate in the country in an interview given before May 2011 budget. Swan confirmed that the government was working on ways to reduce the appalling figure of unemployment rate in the nation. The budget was expected to stimulate the economy and reduce unemployment rate to 4.5 percent by creating 500,000 jobs within two years. Based on IMF forecast of unemployment rates, Australia was poised to realize an insignificant decline in unemployment rate to 5.025 percent in 2012. Further, it was projected that the rate of unemployment would remain constant at 4.8 percent between 2013 and 2015. Social Needs: The urgent construction of Aubin Grove Transit Station has been justified by successive studies on town and transport planning. Western Australia is projected to register an increase in population to 400,000 people, which is expected to increase pressure on Cockburn Central Transit Station suburb. Environmental consideration: The project site is on the coastal plain of Swan, which is woodland with seasonal wetlands. This region falls under Mediterranean climate characterized by wet winters and hot and dry summers. The average annual rainfall of the area is 800 mm with peak rainfall between June and august. Vegetation The project site mainly contains weeds and exotic plant species indigenous vegetation having been significantly cleared. The present vegetation of the area was classified as degrade to absolutely degraded. There was no reported ecological threat of setting up the station in the area. The clearance of the native vegetation in the station area requires no permit approving the clearance of the site. Fauna A survey of fauna in the site revealed 25 indigenous species, which included a significant Southern Brown Bandicoots population. Fortunately, these animals are not categorized under threatened species, but will be placed under relocation plan before the work commences. Wetlands and Hydrology Various uses of wetlands in the station area were identified in the database of the Department of Environment and Conservation’s (DEC). Based on the depth of water table in the site and absence of specialized vegetation, the project area was not classified as a wetland. Geology and Groundwater Conditions The Water’s Groundwater Atlas Department the site as Bassendean Sand. The area is made up of deposits of quartz sand. DEC’s Acid Sulphate Soil (ASS) risk mapping reveals that the area falls under moderate to lows ASS risk taking place within 3m on the surface of natural soil. The main project’s earthwork are not very essential thus, the chances of disturbing the ASS remains improbable. The department also indicates that groundwater exists at about 4m deep across the project area. The site of the project and the park’s south eastern corner and ride facility are located within the Priority 3 Source Protection Area under the Jandakot Underground Water Pollution Control Area (UWPCA). The project does not violate the Jandakot Groundwater Protection Policy, which is a watchdog over ground water pollution in the area by monitoring land use. The project and its infrastructure do not violate the ground water protection policy of the region. Land Contamination There was no sign of contaminated sites within the station area in the search of the DEC’s contaminated sites. The aerial photographs taken in the area between 1953 and 2013 exhibited no evidence of contaminating activities in the project area. As such, there is no need for further assessment. Noise: The station and park facility will probably impact on the surrounding residential areas through noise. There will be elaborate noise assessment in the area after taking a detailed plan of the park as well as ride facility in order to establish the effect of noise in the residential area and institute mitigation strategies. Noise wall will be erected between car parks and residential areas, a step that the PTA factored in the budget forecast. It is also believed that the noise of the railway will not increase after the station starts functioning. Light: The residential developments may also be exposed to the impact of light from the park light as well as the ride facility. The impact of car park lighting on the residential developments will be taken into consideration when designing the park and ride facility. The design will factor in mitigation strategies such as using directional light, tailored bulbs and wattage as well as shielding. City development: There is a significant requirement for improvement of infrastructure in Australia following rapid economic and population growth rates in Perth other major cities in the country. There is need to improve public transport system to match the growth in the economy as well as the population in the country. The projected growth in population demands significant improvement of infrastructure. For example, PERTH is projected to record a 40 percent population increase by 2031, which translates to 2.65 million people. The motive of the improvement of infrastructure is to reduce traffic congestion and the likely pressure on people as a result of escalating prices of oil at the end of the year. The finding of the study: Future Connections: Planning for the Next Decade of Public Transport in Perth, are quite crucial particularly because it points out at the significant role played by public transport system in the growth and development of the city. This is quite clear owing to the trend revealed in the forecasts showing potential patronage to rise by approximately 60 percent in the period between 2007 and 2016. The need for endless investment as well as strong dedication to boost the capacity of patronage in the entire network so as to match the demand remains unparalleled. Overall feasibility: The Cockburn Central is expected to benefit from the proposed station project because it will ease pressure on Cockburn Central’s facility. About 30 percent of the existing parking demand originates from the region surrounding the proposed station. The unfulfilled latent demand at the Cockburn Central means that the existing car park capacity needs to be maintained. The station to be constructed will consequently satisfy passenger demand that would have undoubtedly overwhelmed Cockburn Central. A more balanced transport network system will be achieved through redistribution of parking supply, which will in turn lower the pressure at Cockburn Central. Read More