A new report has identified more than 100 new resources industry projects likely to create up to 27,000 jobs over the next five years.
The Australian Resources and Energy Employer Association (AREEA) released its annual Resources and Energy Workforce Forecast: 2024-2029 this week, which takes a deep dive into the estimated labour required to operate new, expanding and restarted mining and oil and gas projects.
According to the report, there are 107 major resources and energy projects in Australia’s investment pipeline – either already committed or considered advanced – expected to enter production between the second half of 2024 and end of 2029.
These projects are worth about $131 billion and are forecast to drive demand for around 26,810 new production-related jobs.
AREEA chief executive Steve Knott emphasised the consistency reported across AREEA’s past five editions demonstrates the ongoing attractiveness of Australia as a place for major resources project investment.
“Iron ore, coal and gas saw Australia’s export earnings reach a record $466 billion in the year to June 2023,” Knott said.
“The industry also contributes over $70 billion annually in taxes and royalties – and there is a great opportunity for this to increase.”
Mining commodities retaining their traditional strengths include coal (13 projects for 4836 workers), iron ore (eight projects for 4495 workers), gold (13 projects for 2830 workers) and critical minerals (14 projects for 3078 workers).
Meanwhile, energy industry continues its mini-investment boom, with 19 prospective projects that could drive demand for 3410 new operating phase employees by the end of 2029.
Western Australia remains the powerhouse of Australia’s resources and energy industry, with 48 major projects expected to increase the workforce by 11,065 workers by 2029.
According to the report, New South Wales has cemented its position as the nation’s second-most attractive destination for resources and energy investment capital.
The report shows 18 projects are forecast to create demand for 5152 new production employees in NSW by the end of 2029 – an increase of 800 on last year’s figures and over 1600 more than Queensland’s current projections.
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