Record energy and resources sales have continued to insulate Western Australia from global inflationary pressures, generating record sales of $231 billion from 2021 through to 2022.
Critical minerals saw exponential growth during the period; surging lithium prices drove the value of spodumene concentrate sales to a record $6.8 billion – more than two-and-a-half times its previous record.
The state’s nickel exports also achieved a ten-year sales record of $4.9 billion, in a promising development for the state according to its Mines and Petroleum Minister, Bill Johnston.
“It’s especially pleasing to see the growth in battery and critical minerals such as nickel, lithium and rare earths given the global transition to green energy,” Mr Johnston said.
“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.”
The economic collapse of China’s construction industry has blunted iron ore’s record-high commodity prices, however the resource still delivered a $137 billion windfall for the state.
The petroleum sector continued to recover following a downturn during the pandemic. LNG production was valued at an all-time high of $38 billion and condensate production was valued at a record $8.6 billion.
Mineral exploration expenditure reached a new high of $2.5 billion with strong levels of spending on gold, nickel, copper, rare earths and lithium.
Employment in Western Australia’s resources sector rose to an all-time high of more than 157,700 workers, an increase of around six per cent on the previous financial year.
