Despite the anticipated deceleration in mining investment, this phase will see a significant shift in production levels in coming years – notably in the bulk commodities and LNG sectors – will result in greater economic benefit to Western Australia (WA) through company profits and additional royalty payments.
Notwithstanding the softening of prices towards the end of last year, WA and the wider economy continues to benefit from growth the in resources sector. Ongoing investment and growth is maintaining record levels of employment in WA.
This report also features an interview with Mr Bill Marmion, the new WA Minister for Mines and Petroleum. He discusses his achievements in the Environment portfolio and what he hopes to achieve working with the resources sector.
- 2012-13 forecasts for GDP and GSP growth are revised to show 3 percent growth for Australia and 5.2 percent growth for Western Australia.
- ABS December quarter national accounts reflect a 0.6 percent increase in GDP during the December quarter, putting year-on-year growth at 3.1 percent, fairly close to the long-run annual trend of 3.25 percent.
- Actual and expected ABS capital investment expectations data indicate there will be modest gains in 2012-13, in the order of 5 percent over the previous year – but there will be an overall decline in capital expenditure in 2013-14 of a similar magnitude.
- Total mineral exploration expenditure continued to decline. After falling by 19 percent in the September quarter, exploration expenditure fell by a further 4 percent in the December quarter to $471 million.