
Western Australia’s resources sector is celebrating a significant milestone, with the latest figures revealing record levels of employment in the industry for the 2023-24 financial year. With 134,871 full-time equivalent positions supported by mineral and petroleum sales of $238 billion, this achievement marks the seventh consecutive year of jobs growth in a sector that has become the backbone of the state’s economy. The past five years have seen consistent increases, establishing a robust trend that underscores the sector’s vital role in Western Australia’s prosperity.
The rise in full-time equivalent positions across mining operations reflects a positive trajectory for most minerals, with lithium, gold, and iron ore leading the charge. This growth is not merely a fleeting trend; it signifies a deep-rooted expansion within a sector that continues to evolve and adapt to global market demands. Western Australia has established itself as the leading destination for exploration investment in Australia, with $2.58 billion spent in 2023-24 alone. This investment accounts for an impressive 62 per cent of the national exploration expenditure, highlighting the state’s prominence in the mining sector.
Critical minerals such as lithium and rare earths saw record spending levels, indicating strong market interest in these essential resources. As industries worldwide push towards sustainable technologies, the demand for critical minerals has surged. Lithium, used extensively in batteries, played a pivotal role in this growth narrative, alongside nickel/cobalt and copper, further cementing WA’s status as a crucial player in the global supply chain.
Iron ore remains a cornerstone of Western Australia’s resource output, contributing a staggering $142 billion in sales. Supported by high market prices and record production levels of 866 million tonnes, iron ore continues to demonstrate its importance to both the local and national economy. Gold has also shone brightly during this period, achieving all-time high sales of $21 billion, driven by unprecedented prices. This dual success illustrates the diverse strengths of WA’s resource sector, showcasing its ability to withstand fluctuating global market conditions while remaining a reliable source of revenue.
Despite facing market headwinds for battery minerals, the sector has shown resilience. Lithium sales reached $8.4 billion, while nickel and copper contributed $3.8 billion and $1.1 billion respectively. Other minerals, including alumina, mineral sands, and salt, also experienced strong sales figures, with salt reaching the highest sales on record at $814 million. This demonstrates a broad-based performance across various mineral categories, showcasing the sector’s versatility and adaptability.
The petroleum sector continues to be an essential contributor to Western Australia’s economy, generating sales of $51 billion. Liquefied Natural Gas (LNG) emerged as the main driver, with sales hitting $36 billion, followed by condensate at $8.4 billion, domestic gas at $2.9 billion, and crude oil at $2.5 billion. This highlights the ongoing relevance of petroleum resources in supporting the state’s economic landscape, even as the focus shifts towards a more diversified resource base that includes critical minerals.
Western Australia’s reputation as a well-regulated and reliable business partner has attracted over $32 billion in investment within the resources sector in 2023-24. This figure continues the upward trend in investment that has been evident since mid-2019, showcasing confidence in the state’s regulatory framework and business environment. The investment pipeline remains strong, with approximately $50 billion worth of projects either under construction or committed, ensuring ongoing opportunities for job creation and economic growth in the years to come.
Premier Roger Cook has acknowledged these remarkable results, highlighting the significant job creation and economic benefits for regional communities across Western Australia. He emphasised that the state’s economic management of the resources sector stands out, reinforcing WA’s position as a key driver of the national economy for decades ahead. Cook pointed to the state’s status as a global investment destination of choice, crediting its robust regulatory framework and a long history of successful mining and mineral processing ventures.
Mines and Petroleum Minister David Michael echoed these sentiments, expressing satisfaction with the exceptional performance of Western Australia’s resources sector. The increase in employment opportunities is particularly encouraging, reflecting the sector’s ability to adapt to changing market demands. Michael highlighted the impressive trend in exploration spending, noting the global demand for commodities, especially critical minerals, shows no signs of slowing down.
As the state continues to invest in critical mineral exploration and production, there is a clear focus on positioning Western Australia as a key player in the global decarbonisation efforts. The increasing interest in sustainable practices and technologies aligns with the state’s long-term vision for the resources sector, paving the way for a future that embraces innovation and environmental responsibility. The outlook remains positive, with billions of dollars worth of projects either under construction or committed, ensuring that the resources sector will continue to play a crucial role in Western Australia’s economic narrative.
As Western Australia forges ahead, it becomes evident that the resources sector is not just a driver of economic growth but a significant source of employment, innovation, and sustainability. The commitment to fostering a well-regulated and supportive environment for both existing and emerging industries positions the state as a leader in the global resources market. The ongoing growth in jobs, investment, and exploration spending reflects a dynamic sector poised for further success.
With a focus on critical minerals and a strong commitment to sustainability, Western Australia is well-equipped to meet the challenges and opportunities that lie ahead. The successful trajectory of the resources sector offers a model for other regions looking to harness their natural resources effectively while supporting local communities and driving economic development. As the landscape continues to evolve, the prospects for Western Australia’s resources sector remain bright, with the potential to contribute significantly to the state’s economy and the well-being of its people.
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