Hon Norman Moore BA DipEd JP MLC

Hon Norman Moore BA DipEd JP MLC

Former Minister for Mines and Petroleum; Fisheries; Electoral Affairs

    Record sales for WA resources industry

    23/09/2011 12:00 AM
     
    • Resource sales reach $100billion mark for the first time
    • Royalty receipts up 72 per cent for 2010-11
    • WA accounts for 46 per cent of Australia’s merchandise exports
    Western Australia’s resources sector continues to be the backbone of the State’s economy with a record sales value of $101.2billion for the past year.

    Mines and Petroleum Minister Norman Moore said the figures marked a major milestone for the State’s resources sector which had rebounded strongly since the global financial crisis.

    “The 2010-11 figures represent an increase of 39 per cent compared to the previous year, which is particularly significant considering the 12 per cent appreciation of the Australian dollar against the US dollar during the same period,” Mr Moore said.

    “Record sales values have also contributed to significant increases in Western Australia’s royalty revenue which was boosted to almost $4.9billion during the same period.”

    The Minister attributed the increases to ongoing growth in output and prices being experienced by the State’s resources industry.

    “This growth within the resources sector is vital to the State’s commitment for a high level of service delivery on targeted infrastructure development such as hospitals, transport infrastructure and future investment in energy and water,” he said.

    “The commitment to ongoing improvement to the approvals process and increased exploration activities supported by the $80million Exploration Incentive Scheme through the State Government’s Royalties for Regions program has facilitated this growth.”

    Most of the value increase came from the iron ore, petroleum and gold sectors, which together accounted for 88 per cent, or $88.7billion, of all mineral and petroleum sales.

    It is forecast Western Australia will receive $5.8billion in royalties for the 2011-12 financial year, which will contribute to almost 20 per cent of the State’s budget. 

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