A new report from Deloitte Access Economics has found that precompetitive geoscience data and analysis supported $76 billion of added value in the Australian economy and around 80,000 full time equivalent jobs in 2021–22.
Deloitte Access Economics was engaged by Geoscience Australia to estimate the economic contribution of precompetitive geoscience data and analysis in 2021–22, leading to the report, titled The economic value of government precompetitive geoscience data and analysis for Australia’s resources industry, being published.
The report also found that the $76 billion in added value is equivalent to 3.5 per cent of gross domestic product (GDP), and the work of Geoscience Australia and state and territory geological surveys will assist Australia in becoming a global renewable energy superpower.
Federal Resources Minister Madeleine King said with up to 80 per cent of Australia under explored, the Federal Government can help facilitate the discovery of materials essential for the global clean energy transition.
“Locating the minerals the world needs right now to produce clean energy technologies such as wind turbines, solar panels and electric vehicle batteries has never been more urgent,” King said.
“Precompetitive geoscience data and analysis has supported projects that have generated close to $3.7 billion in royalty payments for the year 2021–22 and 3.5 per cent of Australia’s GDP. That economic impact has been felt right across the country.”
The added value to the Australian economy by state and territory in 2021-22 was as follows:
- Western Australia: $40.2 billion
- Queensland: $19.3 billion
- Northern Territory: $5.5 billion
- Victoria: $4.0 billion
- South Australia $3.6 billion
- New South Wales: $3.2 billion
- Tasmania: $0.2 billion
“The numbers are in, and it is clear – the work of Geoscience Australia through Exploring for the Future and other similar initiatives by states and territories, is having a direct, positive impact,” King said.