Federal Budget 2020-21: Contribution
The Government’s strong commitment to growth, without increasing taxes, is welcome. Given the health and economic impacts of COVID-19 may be long lasting, a focus on maintaining competitiveness and supporting investment and jobs growth is both sensible and sustainable.
Throughout COVID-19, the WA resources sector has continued to safely operate, hitting a record $172 billion in sales in 2019-20. With export earnings forecasted to remain strong over the next two years, the sector will continue to be a significant contributor to the Government’s strong fiscal position and Australian economy’s recovery from the enduring impacts of COVID-19.
Like the GFC and post-recovery period of 2007-10, COVID-19 has and will continue to disrupt global investment and international trade. However, the resources sector has demonstrated resilience to these impacts, supporting the economy throughout the crisis and will remain pivotal to the economy’s strength in the years ahead.