WA centre of Australian gold production
In 2020–21, Western Australia was the largest gold producing state in Australia, accounting for 68% (or 218 tonnes) of Australian total gold mine output, followed by New South Wales (11% or 36 tonnes), Victoria (7.6% or 24 tonnes), the Northern Territory (4.7% or 15 tonnes), Queensland (4.1% or 13 tonnes), South Australia (3.8% or 12 tonnes), and Tasmania (0.7% or 2.1 tonnes).
WA is expected to remain Australia’s largest gold mine producing State over the next several years as production rises. Production in the Northern Territory, South Australia and Tasmania is also expected to rise.
Global Consumption
On a global scale, gold consumption increased by 9.9% to 4,021 tonnes in 2021. The economic recovery from the pandemic saw gold jewellery demand jump 52% to 2,124 tonnes, while demand for gold in technology increased by 8.9%, propelled by a 9.2% rise in gold used in the electronics sector. This is expected to continue into the future, with world gold consumption tipped to rise at an annual average rate of 4.0% for the next three years, fueled by a projected fall in gold prices.
About the REQ
The Resources and Energy Quarterly (REQ) is a publication produced by the Australian Government’s Department of Industry, Science, Energy and Resources containing the Office of the Chief Economist’s forecasts for the value, volume and price of Australia’s gold commodity exports.
