Surging prices for South Australia's in-demand mineral resources have delivered bumper royalty receipts for the 2023-24 financial year, breaking through $400 million for the first time.
Royalty receipts for 2023/24 totalled a record $422.5 million - a $43.3 million increase over FY 2023's revenue of $379.2 million, representing a year-to-year increase of around 11 per cent.
South Australia benefited from strong growth in prices for copper, gold and uranium. Copper is absolutely critical for electrification, and global demand is forecast to outstrip supply in coming years. This represents a significant opportunity for South Australia, which is home to 69 per cent of the nation's copper resources.
In the 12 months to September 2024, refined copper and copper products represented 15 per cent of the state's total exports, at $2.7 billion – up nine per cent on the previous 12 month period. Resources accounted for 39 per cent of SA's $17.6b goods exports.
Forecasts for future royalty receipts will be announced in the Mid-Year Budget Review to be handed down in December.
As put by Tom Koutsantonis
These resource royalty figures are fantastic news for our state. The growth in royalty receipts bolsters the state's budget position, helping to ensure that the entire South Australian community benefits from the abundant natural resources under our feet.
The results also tell a good news story about where demand for natural resources could be heading. This is the first time we've raced past $400 million in total royalty receipts, and much of this year's record growth has come from some of the minerals considered essential to renewable energy and other technologies that will help decarbonise the global economy, including copper.
The Malinauskas Government is determined to position South Australia as both a leader and major beneficiary of the global economic transformation – and these results suggest we're on the right path.
