A new report has confirmed the importance of the resources sector to the Queensland economy, with a record AUS$94.6 billion contributed by coal, gas, and minerals producers in FY2021/22.
Ian Macfarlane, Queensland Resources Council (QRC) Chief Executive, said the result was a new record and up an incredible AUS$10 billion or 12% on the previous year.
“This year’s annual Economic Contribution report shows how integral the resources sector is to the Queensland economy, with the figures telling the full story.
“Our total figure of AUS$94.6 billion includes a record AUS$9 billion in resources royalties, with international demand for Queensland commodities, particularly coal and gas, driving record prices and therefore record royalties for the Queensland budget.
“Resources royalties go straight into the state budget to help pay for hospitals, nurses, teachers, police officers and other essential government services.
“On top of this, the resources sector also supports the jobs of almost 451 000 Queenslanders and supports one in every four dollars spent in this state, which is up from one in five last year.”
Macfarlane continued to say that the contribution by the resources sector to regional economies and employment has continued to grow for the past five years.
“Towns and communities from the state’s north-west down to the south-east corner all benefit from the prosperity of the resources sector and our associated supply chain.
“In the past financial year, resources companies have also spent AUS$27 billion on supporting local business, sporting groups and charities, which brings enormous social and economic benefits to mining communities.
“More than half of that is spent outside the Brisbane region.
“Significantly, coal producers accounted for 69% of the money spent by the resources industry across the state.
“Looking forward, as our trading partners look to Queensland to meet their energy, metals and steelmaking needs, along with a growing critical minerals market, it’s more important than ever to have the right government policy settings in place to maximise this opportunity.
“Unfortunately, the Palaszczuk Government’s decision to increase coal royalty taxes earlier this year has made investment in Queensland less attractive and threatens to derail these opportunities.
“The QRC continues to call on the Queensland Government to review this tax increase on our industry, and to work with us on a better plan that does not damage the state’s number one export industry.”
Read the article online at: https://www.worldcoal.com/coal/25112022/resources-sector-delivers-aus946-billion-boost-to-queensland/