More than A$2.3 billion ($1.54 billion) was spent on minerals exploration in Australia in 2018-19, according to exploration expenditure data released today by the Australian Bureau of Statistics.

This investment is up 19% from the previous year and has seen investment in gold exploration rise – also by 19% – to a new record high of A$964 million, according to the Minerals Council of Australia (MCA).

The MCA said this growing investment by mining is helping to secure Australia’s long-term prosperity.

The highest increase in exploration investment in an individual state was in South Australia, up by 55% to A$85 million.

”The mining industry needs stable policy settings from both state and federal governments to continue to deliver benefits for all Australians,” the MCA said.

“The recently announced Productivity Commission enquiry into resources sector regulation is a welcome first step in ensuring state and federal governments have the policy settings that continue to support mining and even greater investment in exploration to develop Australia’s next wave of critical mineral, base metal and gold mines.”

This exploration investment is creating and supporting jobs throughout the country, especially in regional Australia.

When exploration investment translates to minerals production, Australia is the big winner, the MCA said. Mining is the country’s largest source of export revenue and has generated A$212 billion in company tax and royalties for Australia over the last decade, it added.