The Western Australian Government has released a report into the economic impact of the Minerals Research Institute of Western Australia (MRIWA) that demonstrates the significant value of investment into Western Australian minerals research.
The MRIWA’s primary function is to provide and administer funding grants to carry out minerals research.
The institute collaborates with local, Australian and worldwide research and scientific institutions and is also able to undertake and procure minerals research itself.
ACIL Allen’s economic impact assessment found for each $1 invested by the WA Government into MRIWA, there is at least $3.12 in direct benefits to the state.
The report further identified that funding for MRIWA and its corresponding impact on the mining industry provides a significant boost to the WA economy and will continue to do so throughout the 2018 – 2028 forecast period.
Additionally, the MRIWA is also expected to have a real income of $121.5 million over the period, averaging $12.1 million per annum.
Mines and Petroleum Minister Bill Johnston said the WA Government is committed to supporting minerals research in Western Australia and it is pleasing that funding for MRIWA provides a significant boost to the economy and creates local jobs.
“MRIWA’s research program will create 913 jobs and will deliver an additional $6.6 million in State Government taxes over the next 10 years,” said Minister Johnston.
“With MRIWA playing an important role in the McGowan Government’s Future Battery Industry Strategy, our State will continue to be a world leader in technological innovation in the minerals sector,” he commented.
ACIL Allen’s report into the ‘Economic Impact of the Minerals Research Institute of Western Australia’ can be found here.