Pilbara Region's Gross Regional Product (GRP) is estimated at $77.842 billion. Pilbara Region represents 19.2% of Western Australia's Gross State Product (GSP) of $404.454 billion , and 3.4% of Australia's Gross Domestic Product (GDP) of $2.309 trillion .
It is estimated through all this activity, these companies helped contribute around eight per cent of gross regional product to Australia's economy.
Mining 14.6%, Finance 7.6%, Health and Education 13.0%, Manufacturing 5.8%, Construction 7.3%.
Resources contributed 68 per cent of total Australian export revenue in 2021. Iron ore contributed $154.2 billion, up 32 per cent from 2020 and a new record high.
GDP from Mining in Australia averaged 25891.85 AUD Million from 1974 until 2023, reaching an all time high of 58249.00 AUD Million in the fourth quarter of 2022 and a record low of 7734.00 AUD Million in the third quarter of 1974.
The most striking statistic is that mining remains Australia's largest sector by share of total national GDP, with the ABS reporting that the industry was responsible for 10.4% of national GDP between 2019 and 2020.
China's purchases of iron ore from Australia rose AU$2 billion or 20 per cent over the month, while meat imports increased 28 per cent to A$57 million.
The Pilbara makes a significant contribution to national wealth, representing 19.7% of Western Australia's Gross State Product (GSP) of $316.324 billion, and 3.1% of Australia's GDP of $1.985 trillion.
The release of the 2023 Forbes list of Australia's 50 richest people has seen major miners take out the top two spots. Hancock Prospecting executive chairman Gina Rinehart took out the top spot with a net worth of $30.6 billion, followed closely by Fortescue Metals executive chairman Andrew Forrest.
Among all the states and territories in Australia, New South Wales is considered the richest state.
Australia's mining industry is 86% foreign owned, Although many people think BHP and Rio Tinto as Australian companies, BHP is 76% foreign owned, and Rio Tinto is 83%. Between them they constitute 70% of listed mining company resources.
Australia is one of the world's leading producers of bauxite (aluminium ore), iron ore, lithium, gold, lead, diamond, rare earth elements, uranium, and zinc.
Almost $26 billion was invested in Western Australia's mining and petroleum sector in 2022.
Western Sydney is Australia's third largest economy, housing 47% of Sydney's total population (2.12 million) and producing 31% of Sydney's Gross Regional Product ($104 billion).
North of Western Australia is the Pilbara, a sizable, arid area with a sparse population. The Pilbara area of Western Australia is home to the fossilized remains of the planet's earliest life forms. Because of the discoveries made in the area, it has been declared the oldest place on Earth.
Home to 16,987 people, Town of Port Hedland supports 10,985 jobs and has an annual economic output of $13.418 billion.
“First, it would mean too big a disruption to the Chinese economy.” Iron ore imports from Australia are worth $85 billion annually, and so far, the agricultural imports hit by China's tariffs and bans are worth just $6 billion, he said. “China would not be able to make up its iron ore needs from other sources.”
''Even if China could secure all the available non-Australian seaborne ore, including distant producers such as Sweden, Canada, Russia and Ukraine, it would still need to develop an additional 300 million tonnes of supply to meet its needs and completely replace Australia as an iron ore supplier by 2030,'' he says.
China has been Australia's top consumer of iron ore for decades, accounting for 80 per cent of our exports of the mineral in 2021.
Mining provides an economic bedrock for the Australian Government to meet its immediate and long-term challenges.
In 2020, China was by far the world's leading mining country based on mineral production value, reporting over 217 billion U.S. dollars in metallic mineral and coal production value. The United States was ranked third, accounting for almost 55 billion U.S. dollars in mineral production value the same year.
Tasmania has been ranked by CommSec as having the country's best-performing economy. Queensland and South Australia have come in at equal second, followed by New South Wales. It's predicted that retail spending will help drive economic success in the next quarter.