From 2013-2015, the Mining and Quarrying Gross Value Added (GVA) in Australia significantly fluctuated, reflecting instability in the sector. GVA saw a notable decrease in 2014 and 2015, although it rebounded sharply in 2016.
From 2017 to 2023, the sector experienced robust growth, with a remarkable spike in 2021 followed by continued increases through 2023. In 2023, the GVA stood at 394.02 billion Australian dollars, showcasing strong sector performance.
The annual growth rates in the past two years were impressive, with a 41.36% rise in 2021 and 8.68% in 2022, leading to a 14.42% increase in 2023. The 5-year CAGR from 2018 to 2023 was 15.48%, indicating sustained growth in the industry.
Looking ahead from 2024 onwards, forecasts suggest continued strong growth with the GVA expected to reach 636.63 billion Australian dollars by 2028. The projected 5-year CAGR is approximately 7.5%, which is indicative of robust and steady expansion.
Future trends to watch for include technological advancements in extraction methods, global commodity price fluctuations, and regulatory changes within Australia’s mining sector. Additionally, increasing focus on sustainability and environmental impact could influence industry practices and growth trajectories.
