Australia (Commonwealth)_Hey there!
Exciting news from Down Under! A recent report by Deloitte Access Economics has revealed that Geoscience Australia and state geological surveys are like superheroes for Australia’s economy. In the 2021/22 financial year, their work generated a whopping A$76 billion! Can you believe it? That’s a mind-boggling sum that made up about 3.5% of Australia’s GDP – talk about a major contribution!
This impressive work didn’t stop there. It led to the creation of over 80,000 full-time jobs, giving a boost to employment across the country. The resources industry, covering mining, oil, gas, exploration, and mining services, played a big role. In fact, it accounted for 18% of Australia’s GDP and employed about 200,000 people in the same period.
Minister for Resources and Northern Australia, Madeleine King, emphasized the importance of these achievements, especially as we’re racing towards a cleaner energy future. With a whopping 80% of Australia still unexplored, the government is stepping up to help unearth essential materials for the global clean energy transition. The government’s commitment to supporting the resources sector is driven by the understanding that the road to net zero emissions runs through this very industry.
In fact, the report showcased how precompetitive geoscience data and analysis were instrumental in supporting projects generating approximately A$3.7 billion in royalty payments and a significant share of Australia’s GDP. These fantastic results extended throughout the nation, adding A$40.2 billion in value to Western Australia, A$19.3 billion to Queensland, and more to other regions.
Geoscience Australia’s Exploring for the Future (EFTF) program stood out as a beacon of success. It’s the largest investment in precompetitive geoscience data and analysis, helping map out Australia’s mineral, energy, and groundwater resource potential. Thanks to these efforts, hundreds of new tenements were taken up by companies across the country.
This isn’t just about money and numbers – it’s about securing Australia’s future, powering clean energy, and creating more jobs. With an eye on meeting global demand for energy transition minerals, the work of Geoscience Australia and similar initiatives will continue to be instrumental. So, kudos to these efforts, and let’s cheer for Australia’s journey toward a brighter, cleaner, and more prosperous future! ???
