As Perth Now has reported, Sir Bob Geldof says that Western Australia needs to diversify its economy and can’t rely solely on the riches of the mining boom.
Speaking at a Chamber of Commerce and Industry WA lunch in Perth, the famed humanitarian, anti-poverty campaigner, and Boomtown Rats front man said that diversity was necessary for all economies.
And he actually saw a parallel between WA and the African countries on which he has focussed much of his energy for the past 30 years. It comes down to WA’s dependence on mining.
“You’re largely dependent on China maintaining its growth, but a commodity economy is exceptionally skittish – there is a crash coming any second you’re not dependent on other things, so you have to diversify,” he said.
“You’re here, fairly isolated on this vast rock of iron ore, so how do you attract other industries in order to diversify out of?”
Geldof conceded that the task isn’t necessarily a simple one, but as he sees it, without diversity there is little hope for any society.
“A man is not a credit card, a country is not a credit rating, the triumph of capitalism over human value is only ever short lived and what’s the point if WA can’t – with this massive economy you’ve got – diversify and give hope to your children?” he asked.
“I don’t see the point.”