A new report by Deloitte Access Economics has found that geological surveys are adding value to the economy, as well as boosting jobs and driving Australia towards becoming a renewable energy superpower.
The report was based on surveys about the industry’s use of pre-competitive data, as well as analysis of the past three years, and found that this information had supported around $76 billion of added value to the Australian economy, as well as contributing around 80,000 full-time equivalent jobs throughout 2021-2022 alone.
Federal Minister for Resources and Northern Australia, Madeleine King, said that with up to 80 per cent of the country underexplored, the Federal Government can help facilitate the discovery of materials that are essential to the clean energy transition.
“Our government knows that the path to net zero runs through the resources industry. That is why providing the sector with the tools they need to make the exploration and discovery as easy as possible is essential,” Ms King said.
“Locating the minerals the world needs right now to produce clean energy technologies such as wind turbines, solar panels and electric vehicle batteries has never been more urgent.
“Given the odds of making a successful discovery during exploration are estimated to be around one in 1,000, providing better information through government funding for new data and analysis allows us to improve those odds and reduce ecological disturbances through better targeted exploration.
“Precompetitive geoscience data and analysis has supported projects that have generated close to $3.7 billion in royalty payments for the year 2021-22 and 3.5 per cent of Australia’s GDP.”
Ms Kind said that the economic impact of this has been felt right across the country.
The added value to the Australian economy by state and territory throughout 2021-2022 is as follows:
- Western Australia – $40.2 billion
- Queensland – $19.3 billion
- Northern Territory – $5.5 billion
- Victoria –$4.0 billion
- South Australia – $3.6 billion
- New South Wales – $3.2 billion
- Tasmania – $0.2 billion
Ms King said that Geoscience Australia’s Exploring for the Future (EFTF) program was the government’s driving force for precompetitive geoscience data and analysis and that the report was evidence that the Federal Government’s approach to investing in precompetitive geoscience and analysis was paying dividends.
“The Exploring for the Future program is Australia’s largest investment in precompetitive geoscience data and analysis and uses a wide range of methods to map Australia’s mineral, energy, and groundwater resource potential, revealing exciting opportunities to make new discoveries.
“Since 2017, precompetitive geoscience has resulted in the uptake of 825 new tenements across Australia by 110 companies.
“The numbers are in, and it is clear – the work of Geoscience Australia through Exploring for the Future and other similar initiatives by states and territories, is having a direct, positive impact,” Ms King said.
