- Diversify WA 2024 Update released
- Non-mining investment reaches record highs in WA in 2023-24
- Cook Labor Government committed to diversifying WA's economy and creating local jobs for the future
Cook Labor Government has today released its second report on Western Australia's economic diversification framework, which shows WA's economy going from strength to strength.
Diversify WA is the WA Labor Government's strategy to set up WA's economy for the future, driving new industries to create local jobs.
The second report on Diversify WA shows development across a range of priority sectors including defence industries, tourism and events, as well as mining and mining equipment, technology and services (METS).
Since the last update to Diversify WA in 2021, there has been record non-mining investment in the State of $36 billion in 2023-24.
Employment in the defence industries sector has increased by 15 per cent to 3,000 positions in 2022-23, following a 13 per cent increase the previous year - with the AUKUS agreement and Henderson Defence Precinct set to supercharge growth in the sector.
Western Australia has also increased its role as a major supplier of minerals for the global energy transition, with direct employment in the battery and critical minerals industry growing 14 per cent between 2022-23 and 2023-24.
The value of Western Australia's lithium exports grew by more than 20 times between 2020-21 and 2022-23, with the State now producing around half of the world's supply.
Despite a recent drop in prices, the fundamentals for the sector are strong in light of the forecast rising global demand for batteries.
For more information see https://www.wa.gov.au/government/publications/diversify-wa-2024-update .
As stated by Premier Roger Cook:
"My WA Labor Government is setting up our State for the future, diversifying our economy and creating quality local jobs.
"This update shows we're making real progress on the Diversify WA strategy - we're leveraging our natural advantages to attract new industries and position WA as a major hub for industries like defence and clean energy.
"WA is the economic powerhouse of the nation, and only our WA Labor Government has the experience, the plan and the vision to keep our economy strong for decades to come."
