The transition out of coal is tipped to take 10-15 years.
Rio Tinto lead the way in building iron ore rail cars in WA.
Funding will be used by regulatory authorities to hire staff to process applications.
Recovery plan includes funds for existing and emerging industries in Port Hedland.
WA's Palmer legislation could end up costing the Commonwealth billions.
Palmer warns emergency legislation will scare off resource companies and destroy WA's reputation.