CCI’s vision is for Western Australia to be a world-leading global mineral and energy resources hub.
Over the past decade, Western Australia has experienced a period of economic expansion unlike any other in its history.
The resources sector is now critical to the Western Australian and national economies.
- Resources contributed $78 billion, or approximately a third of Western Australia’s output in 2013-14
- In 2014 the resources sector directly provided one in nine jobs in the state
- Mining royalty income is expected to contribute $4.4 billion or 16 per cent of the Western Australian
- Government’s operating revenue in 2014-15
- The total value of mineral and energy production in Western Australia more than tripled from $33 billion to $122 billion, in the decade to 2013-14.
Western Australia should be the world leader in emerging resource sector technologies. Mining company investment in research and development (R&D) in Western Australia more than tripled between 2005-06 and 2011-12, from $0.74 billion to $2.43 billion, and 60 per cent of global mining software is developed here.
According to Knowledge Society, world-leading research is happening in Western Australia in eight of the 12 breakthrough technology areas of the 21st century, including advanced materials, automation, advanced oil and gas exploration and advanced robotics.
CCI’s Future of Resources paper outlines the long-term growth possibilities for resource industries driven by continued demand from developing Asian countries.
CCI Chief Executive Deidre Willmott said WA had an opportunity to become a global minerals and energy resources hub.
“The fundamentals for the long-term growth of the resources sector remain sound with investment to house growing urban populations and developing economies across Asia fuelling demand for our resources. Encouraging greater investment in exploration will help Western Australia become a world leader in resource sector technologies and a global mining hub,” Ms Willmott said.
“WA has significant advantages with the maturity of our resources industry, skills and education of our workforce, world-leading research and development capabilities and our first-mover advantage with key new technologies, but we cannot rely on these alone.”
“Significant reform and concerted action is needed to overcome the barriers posed by high costs and intense international competition, to maximise the huge potential of both the resources sector and associated export industries in future.”