Forty years of opportunity cherry on top for WA economy

Richard Wainwright/AAP PHOTOS

Western Australia has been told it is the most uniquely placed of all states to forge ahead as the national economy changes during the next four decades.

Prime Minister Anthony Albanese led a federal cabinet meeting in Perth on Monday - his 15th visit to the state since he took office last May.

Before the meeting, Treasurer Jim Chalmers talked up the state's prospects as he addressed business leaders.

Dr Chalmers said WA was one of the best places in the world for green hydrogen, with more than 30 projects at various stages of development.

As well, it had large supplies of the critical minerals which went into technology such as batteries.

"These future strengths in critical minerals and in the production of green hydrogen, metals and more will leave you well-placed to help us work with our partners to secure and de-risk the critical supply chains of net zero," Dr Chalmers said.

"The next 40 years belong to WA."

Dr Chalmers last week delivered the latest Intergenerational Report, which outlined the key opportunities and challenges of the next four decades.

The report predicted real incomes to be 50 per cent higher and the economy more than double today's size, with Australians living healthier, longer lives.

At the same time, there will be a smaller share of working-age people which will put pressure on the tax base, limit growth and increase demand on spending.

Mr Albanese will address a business breakfast on Tuesday before heading to Adelaide.

"I'm someone who doesn't have an annual visit to Western Australia, it's more like a monthly visit as prime minister," he said.

Labor picked up four seats and recorded a more than seven per cent swing in its favour at the federal election in 2022.