NSW’s resources and energy industry will require more than 5,100 new workers by the end of 2029, according to modelling released today by the Australian Resources & Energy Employer Association.
Resources and Energy Workforce Forecast: 2024-2029 confirms the state has cemented itself as the nation’s most attractive destination for resources and energy investment after Western Australia.
However, AREEA CEO Steve Knott AM warned the recent blocking of the $1 billion McPhillamys gold mine in Central West NSW had put this hard-earned reputation at risk.
“Resources commodities helped Australia’s export earnings reach a record $466 billion in the year to June 2023,” Mr Knott said.
“They delivered the first back-to-back Commonwealth surpluses in 16 years – without which vital services such as Medicare, the NDIS, hospitals, schools and aged care would be deprived of critical support.
“Yet Australia is on the threshold of a bizarre new era, where regulatory red tape, activism and unproductive workplace relations policies threaten the next wave of revenue and job-creating resources and energy projects.
“Approvals for major ventures such as the McPhillamys gold mine near Orange – which offered 1000 jobs (construction and production) and had the full support of the local community – are being pulled from underneath investors at the eleventh hour.
“All governments need to take stock of decisions that may deter investment and seriously risk the strength and significant contribution of the resources and energy industry. This is critical for the future prosperity of all Australians.”
Resources and Energy Workforce Forecast: 2024-2029 breaks down the estimated labour required to operate new, expansion and restarted mining and oil and gas projects expected to enter production by December 2029.
Nationally, the report lists 107 major projects as either committed or advanced in feasibility and considered likely to proceed within the five-year period.
NSW has 18 projects in its investment pipeline which are forecast to create demand for 5,152 new workers, according to AREEA’s modelling based on Department of Industry project data.
This is an increase of 800 on last year’s figures and over 1,600 more than Queensland’s current projections.
“In short, after overtaking its northern neighbour for the first time last year, NSW has significantly widened the gap on Queensland in 2024,” Mr Knott said.
“Coal remains the biggest driver of this result, with seven projects forecast to create nearly 3,000 new production jobs – almost all of them by end of 2027.
“Highlights include the upgrade of Vickery’s expansion from 1mtpa to 8mtpa, and the likes of Maxwell, Dartbrook and Mt Pleasant Optimisation.
“Three critical minerals projects are set to come online, one in each year from 2025-2027, bringing demand for 740 workers mainly in the state’s centre.”
Find the report here.
