Local agriculture is diversified.
As well as wheat the district produces lupins, wool, beef, cattle, pigs and fat lambs. The area was first explored in 1854 and extensive grazing rights were held here by the Benedictine monks from New Norcia. These intrepid pioneers built numerous round stone wells in the area, many of which are still in existence today. The township itself was declared in 1902, the same year that the railway line from Northam was opened. George Slater was the first European settler in Goomalling and the Slater Homestead can be seen approximately 3 kilometres out of town on the Dowerin Road.