Western Australia’s (WA) resources industry continues to be the main driver of the State and national economies.
It comes as WA reached record revenues of $231 billion and the highest-ever employment levels in 2021-22.
In a statement, the WA Government said the resources sector had produced record sales for the fourth straight fiscal year, with $151 billion in 2018–19, $172 billion in 2019–20, and $211 billion in 2020–21.
Premier and Treasurer Mark McGowan said the outcomes once more demonstrate the efficacy of our Jobs Plan and our dedication to provide Western Australians with stable work.
“Our unrivalled economic management and growing resources sector shows time and time again that our State is the backbone of our nation’s economy,” Premier McGowan stated.
Employment reached an all-time high of over 157,700 people, a 6 per cent increase over the previous fiscal year.
Iron ore sales remained historically high at $137 billion, gold sales reached a new high of $17 billion, and nickel sales were $4.9 billion.
Soaring lithium prices increased the value of spodumene concentrate sales to a record $6.8 billion, more than doubling the previous high. By sales value, lithium was WA’s third most valuable mineral.
Meanwhile, following a slump during the epidemic, the petroleum sector has continued to recover. LNG production reached an all-time high of $38 billion, while condensate production reached a new high of $8.6 billion.
The amount spent on mineral exploration hit a record high of $2.5 billion, with significant amounts going towards lithium, gold, nickel, copper, rare earths, and rare metals.
The mining and petroleum sector in WA saw investments of over $24 billion, the most significant amount since 2016. The State also has $57 billion worth of resources projects in the works and $87 billion worth of medium- and long-term projects in the works.
According to Mines and Petroleum Minister Bill Johnston, the remarkable outcomes continue to provide WA and the regions with jobs and outstanding economic advantages.
Minister Johnston said given the global switch to green energy, it is especially encouraging to see the growth in battery and essential minerals like nickel, lithium, and rare earths.
“WA has a proven track record as a reliable investment partner, and these results are a testament to our economic stability, legal clarity and regulatory certainty,” Minister Johnston added.
