Diversify WA provides an economic blueprint creating secure, quality jobs, growing and diversifying the economy and attracting investment. The Diversify WA 2024 update is the latest progress report since 2021.
The update report identifies 9 priority sectors in which Western Australia has a competitive advantage and where there are significant growth opportunities.
Other key highlights are:
Record non-mining investment in the state of $36 billion in 2023-24. Western Australia’s gross state product has grown by 6.8% across the three years to 2023-24
The update 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).
Employment in the defence industries sector has increased by 15% to 3,000 positions in 2022-23, following a 13% increase the previous year.
Increased investment by the Australian Government into Western Australia, including through the AUKUS agreement and the future Defence Precinct at Henderson, will further boost skilled employment opportunities in defence industries.
Western Australia has also increased its role as a major supplier of minerals for the global energy transition.
Direct full-time equalivant employment in the battery and critical minerals industry grew by 14% 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.
