Western Australia’s resources sector has reached new heights in the 2023-24 financial year, setting records in both employment and sales.
The sector reported 134,871 full-time equivalent (FTE) positions, marking the seventh consecutive year of job growth and the fifth consecutive year of record-breaking employment figures.
This impressive employment growth was supported by robust mineral and petroleum sales, which totalled $238 billion for the financial year.
The state’s resources sector continues to be a powerhouse for the Australian economy, with several key commodities contributing to its success.
Iron ore remained the backbone of Western Australia’s resource output, generating sales of $142 billion.
This strong performance was bolstered by higher prices and a record production of 866 million tonnes.
The iron ore industry accounted for 76 per cent of mineral sales and 60 per cent of total resources sector sales, surpassing the average levels of the past decade.
Gold continued its stellar performance, achieving all-time high sales of $21 billion, driven by record-breaking prices.
Despite market challenges for battery minerals, other commodities also showed strong results:
- Lithium: $8.4 billion in sales
- Nickel: $3.8 billion in sales
- Copper: $1.1 billion in sales
- Alumina: $6.6 billion in sales
- Mineral sands: $1.2 billion in sales
- Salt: $814 million in sales (a record high)
Western Australia maintained its position as the leading destination for exploration investment in Australia.
The state attracted $2.58 billion in exploration spending, accounting for 62 per cent of the national total.
Key exploration targets included critical minerals such as lithium, rare earths (which saw record spending levels), nickel/cobalt, and copper.
The resources sector also saw significant investment, with more than $32 billion invested in 2023-24.
This continues the upward trend in investment observed since mid-2019.
Additionally, the investment pipeline includes projects valued at approximately $50 billion that are either committed or under construction.
The petroleum sector remained an important contributor to the state’s economy, with sales of $51 billion.
Liquefied Natural Gas (LNG) was the primary driver, generating $36 billion in sales, followed by condensate at $8.4 billion, domestic gas at $2.9 billion, and crude oil at $2.5 billion.
WA Premier Roger Cook commented on the results, stating: “These remarkable results support jobs across the State and deliver tremendous economic benefits to Western Australia and our regional communities.
“Our economic management of the resources sector is second to none, and that is why WA will drive the national economy for decades to come.”
WA Mines and Petroleum Minister David Michael added: “Western Australia’s resources sector has delivered yet another exceptional performance and it’s great to see there are more employment opportunities than ever before.
“The future looks particularly positive with billions of dollars worth of projects under construction or committed as we seek more downstream and midstream production activity.”
As Western Australia continues to solidify its position as a global investment destination of choice, the resources sector’s strong performance bodes well for the state’s economic future and its role in the global transition to clean energy.
