The Western Australian Government has released its 2023–24 mid‑year budget review, demonstrating the strongest growth rate in nine years.
The WA economy grew by 3.5 per cent during the 2022–23 period and the operating surplus forecast for the 2023–24 period sits at $3.7 billion.
The operating surplus is said to driven by a stronger than expected domestic economy and higher iron ore prices, with iron ore bringing in an additional $3.2 billion in royalties.
The Chamber of Minerals and Energy of WA (CME) said the WA mid-year budget review further confirms that the state’s resources sector is the “powerhouse” feeding the strong economic performance.
“WA’s economy is the healthiest of any state and territory in Australia and the resources sector is the blood in the veins that keeps the state budget in such a robust condition,” CME chief executive officer Rebecca Tomkinson said.
“There are currently $12.6 billion worth of projects in progress in WA, and another $118.4 billion in early-stage development looking to advance over the next couple of years. If projects in the pipeline stall for entirely preventable reasons such as regulatory inefficiency, then naturally there’s a knock-on impact.
“The energy transition is going to require more mining activity to deliver the critical minerals and technology required to achieve the world’s decarbonisation ambitions. This is a generational pivot point in how we approach our energy future.”
WA Treasurer Rita Saffioti said the mid-year review highlights the continued strength of the state’s economy despite volatility in the global economy.
“Our position continues to make WA an attractive place to live, invest and do business… to support our growing population and economy,” she said.
CME recently welcomed the WA Government’s efforts to simplify the approval processes for the state’s mining sector.
“The resources sector is a part of WA’s DNA and has long been part of our community as a significant contributor to our local economy and jobs… we all benefit from the broader economic contribution of the sector,” Tomkinson said.
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