Discovery – Featured
CME releases its economic contribution factsheets for the 2018/19 fiscal year
Each year, CME collects data from member companies to find out how much they collectively contribute to the Australian and WA economy.
This year, 53 of our members participated in our survey. We were delighted to find an increase in representation from members who produce gold, iron ore and petroleum products, as well as those who operate in the Kimberley region.
You can find the results of our survey here. But what do the numbers mean? How was the total of $67.1 billion in direct contributions to the Australian economy calculated?
We start by collecting expenditure data on a postcode basis from participating member companies.
Data is then categorised (employees, businesses, community and government) and then aggregated to boundaries (local governments and electorates).
This collated data provides a unique snapshot because it reflects actual spend by members rather than modelled estimates. From the results we can find out, for example, the minimum number of businesses and community organisations who worked with or were supported by our members. In 2018-19, this was more than 15,000 organisations in Western Australia alone!
We can then compare the data with public sources such as the ABS 8165.0 Counts of Australian Businesses. By doing so we can see that at least 32.4 per cent of purchases were with local suppliers that have a principle place of business in the Pilbara.
Finally, we can quantify the number of full-time jobs created from these 15,000 organisations supplying goods and services to members. By comparing our data with regional employment numbers we can see that at least 35.4 per cent of employment in the Goldfields-Esperance region is either directly or indirectly linked to the spending of 53 member companies.