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Category: Mining Industry / Business, Economics and Finance / Government and Politics

Trump victory could impact mining sector in short term, WA Premier warns

Wednesday, 9 Nov 2016 18:16:48 | Jacob Kagi

WA's economy is heavily reliant on the iron ore industry. (ABC: Stephen Stockwell)

WA Premier Colin Barnett says the election of Donald Trump as president of the United States could have a short-term impact on the state's mining industry.

But Mr Barnett said he was confident the election of Mr Trump, who defeated Democratic rival Hillary Clinton, would not have long-term implications for WA.

Mr Barnett is expecting America to play less of a role in the Asian region under Mr Trump, requiring Australia to step up, and also said there could be a short-term economic impact.

"Commodity prices and financial markets may be a bit spooked, so you could see some instability there and that may affect the mining industry," he said.

"I think there will be a period of uncertainty.

"But I don't see any long-term effect ... he will be a lot more reasoned and balanced as a president than perhaps he has been as a candidate."

The election result was the topic on everyone's lips at State Parliament in the hours following Mr Trump's election win, which drew mixed reactions from even the conservative side of WA politics.

Liberal MP and Trump backer Phil Edman said nothing would change in the Australian-American relationship.

"I have full confidence that Australia will work with whoever the American people decide to be their president," he said.

But Nationals MP Martin Aldridge said he had backed Mrs Clinton, describing some of Mr Trump's behaviour as "most concerning", while Liberal MP Graham Jacobs said he was "pretty fearful".

"With 300 million people in the US there must be intelligent, balanced people who have the ability to lead that country and I am a little disappointed by the result," he said.

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