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WA petroleum sector comes out on top

petroleum

Western Australia’s resources sector delivered a record $210 billion of sales over the past financial year, making it its biggest year ever.

With the rest of Australia and much of the world in economic turmoil, these results emphasise the significance of WA’s work to keep the sector running safely throughout the pandemic.

Premier Mark McGowan said that his state is continuing to do the heavy lifting for the Australian economy, as it has throughout the pandemic.

“Our efforts to crush the virus quickly and keep our economy and mining industry open has not only benefited Western Australians but the nation more broadly, with WA continuing to provide the largest per capita financial contribution to the Federation,” McGowan said.

Minerals and petroleum sales in WA grew by $38 billion to $210 billion in the past financial year, and the jobs supported by the sector increased from 135,000 to 149,400.

“We resisted calls to shut down the resources sector at the height of the pandemic and these results demonstrate the significance of that decision,” he said.

“We have not only protected tens of thousands of Western Australian resources jobs but created an additional 14,400 this financial year.”

Western Australia accounted for over 56 per cent of national goods exports in 2020-21.

Mines and Petroleum Minister Bill Johnston said this success has enhanced WA’s global reputation.

“Never has the importance of the sector’s economic contribution been so clearly demonstrated than during the COVID-19 pandemic,” Johnston said.

“The sector’s success in trading, largely uninterrupted by the pandemic, has enhanced our global reputation as a reliable and safe supplier, and is set to position WA with a significant competitive advantage as the world’s economy recovers.”

Western Australia has around $127 billion of resources projects in the development pipeline.

“These strong results will continue to power the national economy as the larger States work to emerge from their extended lockdowns,” McGowan said.

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