Diversify WA: 2024 Update

International demand for clean energy has grown over the past two years, as global economies have accelerated efforts to develop innovative and sustainable ways to decarbonise. Western Australia has continued to invest to become a major clean energy supplier, harnessing the State’s position as Australia’s gateway to the Indo-Pacific region with an abundance of renewable energy sources, such as sun and wind.

Western Australia has some of the best solar and wind generation potential in the world and is one of the few jurisdictions with commercially viable reserves of all the minerals needed to manufacture new battery technologies. These natural advantages position Western Australia as a leading partner for the global energy transition.

In the past two years alone, the Western Australian Government has allocated land to 18 major projects within the State’s Strategic Industrial Areas (SIAs), which will help to support the global transition to net zero.

These include green iron, green ammonia, renewable hydrogen production, advanced critical minerals processing, renewable electricity generation, and ammonium nitrate and methanol production projects. Together, they represent about $104 billion worth of investment, with the potential to generate 13,440 construction jobs and almost 1,700 operational jobs.

Progress has also been made towards unlocking the State’s massive carbon capture and storage (CCS) and carbon capture, utilisation and storage (CCUS) potential, with the State’s CCUS Action Plan launched in November 2024. 

Western Australia’s creative industries demonstrated resilience throughout the COVID-19 pandemic, boosted by a wave of new screen productions. During this period, the State’s games and interactive sector also tripled in size.  

Construction of Western Australia’s first large scale screen production facility started in January 2024, which will further raise the profile of the State as a place to produce high-quality productions. The Western Australian Government has committed $233.5 million to progress the construction of the new screen production facility in Perth, as well as a $31.9 million package to implement the Western Australian Screen Industry Strategy.

The post-pandemic recovery of the international education sector has been strong. In 2023, international student enrolments across all sectors totalled over 72,000 – a record for Western Australia. 

In addition to cultural vibrancy, international education brings significant economic benefits to the State. In 2023, the sector is estimated to have contributed $2.9 billion to Western Australia’s economy.

Ensuring the State continues to thrive as a destination for international education remains a major priority for the Western Australian Government. Numerous initiatives have been launched, aiming to support students and education providers, as well as secure the pipeline of future students.

Global space industries are experiencing a surge in activity, propelled by a sharp decline in the cost of building and launching satellites and a major uptick in government-led space exploration around the world. Western Australia’s space industries sector has also grown significantly in recent years and is now home to more than 130 space and space-related organisations. 

Western Australia has significant geographical, technical, research and infrastructure advantages and capabilities to leverage investment and grow a world-leading, thriving space industry. Perth hosts the headquarters for the Australian Remote Operations for Space and Earth (AROSE) entity, an industry-led national consortium to advance and translate locally developed remote and robotic technologies into space exploration. 

Health and medical life sciences in Western Australia represents a diverse ecosystem of world-class universities and research institutes, biotechnology and pharmaceutical companies, and not-for-profit organisations. 
Western Australia’s health and medical life sciences sector generates over $100 million in exports annually.

The State’s biotechnology industry has also more than doubled in the past five years. This growth is bolstering Western Australia’s resilience to future health risks and working to address long-term challenges including an ageing population and the rising prevalence of chronic disease.

As of October 2024, $185 million has been allocated to over 620 projects supporting local opportunities in health and medical research, innovation, and commercialisation.

Western Australia has a variety of established primary industries including agriculture, commercial fisheries, aquaculture, as well as a growing food and beverage manufacturing sector. Collectively, these industries contribute more than $10 billion to annual gross state product and are particularly important in supporting employment, and economic development across regional Western Australia.

The grains industry remains Western Australia’s largest agricultural sector. Favourable growing conditions in 2022 saw a record harvest of over 26 million tonnes. Much of the sector is export oriented, with around 80 to 90 per cent of production going to international markets.

Across sectors, there are significant opportunities to add value beyond the farm gate. WA’s agrifood and beverage exports sector is thriving with 2023-24 exports exceeding $13 billion.

The sector benefits from Western Australia’s proximity to the growing middle-class markets across Asia,
as well as the State’s high standards in sustainable production, animal welfare and biosecurity.