Resources underpin budget growth

The high performance of the Western Australian economy is directly attributable to the State’s $50 billion resources sector, according to the Chamber of Minerals and Resources Western Australia (CME).

THE high performance of the Western Australian economy is directly attributable to the State’s $50 billion resources sector, according to the Chamber of Minerals and Resources Western Australia (CME).

According to the CME, the value of the resources sector grew by 23% in 2006 to $48.4 billion, with resource exports from WA representing around 80% of the States total merchandise exports.

“The performance of the resources sector now underpins strong State economic growth forecasts of 4.5% in 2007-08,” CMRWA chief executive Tim Shanahan said.

“State Government revenue through resource industry royalties provided the cornerstone of the near $2 billion surplus this financial year and will contribute to the forecast $1.45 billion surplus for next year,” Shanahan said.

“Continued investment in key industry inputs such as competitive electricity and water, and supporting infrastructure on which industry relies, such as roads and ports, can only facilitate further development across the State’s resources regions.”

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