WA notches up record resources sales
The Western Australian State Government has recorded state resources sales value of $101.2 billion for the 2010-11 financial 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.
Figures released by the State Government show that resources sales broke the $100 billion mark for the first time, while the state recorded a 72 per cent increase in royalty recipetis for the 2010-11 financial year.
“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.