Unlocking the Browse gas field would generate more than $56 billion in taxes and royalties, create nearly 4800 jobs and support decades of cheaper and reliable energy for West Australian families and businesses, according to an independent report that highlights the project’s significance to the State.
The Chamber of Minerals and Energy WA (CME) welcomes today’s release of Deloitte’s Economic Impact Assessment for Woodside Energy’s Browse development, which estimates the project would drive a $147 billion uplift in economic activity in WA while helping to avert a looming shortage of domestic gas.
CME Chief Executive Officer Aaron Morey said Browse was an opportunity to lay the foundation for a new era of Western Australian prosperity.
“Browse ticks every box for our State. It would deliver thousands of well-paying jobs, tens of billions in taxes and royalties, decades of cheaper and reliable energy and support the decarbonisation of electricity grids both here in WA and across Asia,” Mr Morey said.
“Resources projects of this size and significance don’t come around often and the jurisdictions that secure them reap the benefits for generations.
“Western Australia has benefitted enormously from its foresight in supporting the development of the North West Shelf in the 1980s and Browse is an opportunity to write a new chapter of prosperity and success for our State.”
Mr Morey said the unfolding conflict in the Middle East had driven home the importance of energy security and its close relationship to economic and national security.
“Reliable and affordable energy is the most basic building block of advanced economies, and it is only becoming more important over time,” Mr Morey said.
“The energy unlocked through Browse would make us indispensable to our trading partners, strengthening our national security and our ability to source strategic resources like diesel, jet fuel and fertiliser.”
Browse will require an estimated $48.7 billion in capital expenditure – six times the forecast cost of Westport – underscoring the importance of stable and predictable regulatory and taxation settings.
“There are not many companies that have $50 billion to invest in a project like Browse and the few that do have no shortage of options about where they choose to deploy their capital,” Mr Morey said.
“This would be among the largest ever delivered projects in WA. That kind of investment can materially alter the trajectory of the West Australian economy and lift the living standards of all Australians.
“But we are competing against the world for that capital, which is why internationally competitive tax settings and project assessments that prioritise both rigour and efficiency are vital to Australia’s future success.”
Media contacts:
Josh Zimmerman j.zimmerman@cmewa.com / 0404 947 719
Natasha Mutch n.mutch@cmewa.com / 0435 383 382