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QLD’s resource sector delivered half a trillion dollars in eight years, according to report

November 22, 2017 • Mining & Resources

Queensland’s resources sector has injected $55.1 billion into the state’s economy in 2016-17, supporting the equivalent of 282,633 full-time jobs.

Queensland Resources Council (QRC) Chief Executive, Ian Macfarlane, who launched the eighth annual economic contribution report in Brisbane on Tuesday, said the latest report was ‘a timely reminder’ of the importance of the resources sector to the Queensland economy.

“It’s a jobs story this year with direct full-time employment in the resources sector growing by more than 12 per cent to 38,150. That’s a lot of truck drivers, diesel fitters and port workers,” Mr Macfarlane said.

“Over the past eight years the sector has contributed more than half a trillion dollars ($531 billion) to the state’s economy, including $243 billion in direct spending, and has supported on average more than 360,000 jobs per year.”

He said that despite facing many policy headwinds this year, the sector was directly and indirectly responsible for one in every six dollars in Queensland’s economy and one in every eight jobs.

“Every Queenslander – regardless of where they call home – shares in the wealth of the sector through royalties paid to the State Government,” Mr Macfarlane added.

“They have surged 74 per cent to $3.8 billion, which would pay the wages of 56,000 teachers or 54,000 police or 57,000 nurses.”

QRC President Rag Udd said the sector was in need of continued investment to ensure long-term jobs across the state.

“We must compete for every contract, innovate to stay globally competitive, and earn the support of our governments, and the people who elect them,” Mr Udd said.

According to the report, wages totalled $5.1 billion while the sector purchased from more than 16,400 local businesses and made voluntary contributions to 910 community organisations and charities around the state which in turn helped them to provide vital services to all Queenslanders.

Mr Macfarlane said the sector’s efforts to buy locally played a big part in its economic contribution story.

“It’s always good to see regional Queensland businesses winning work from their big city cousins. As a proud Toowoomba resident, I am particularly pleased to see that QRC uses Reuben Lawrence, an independent economist based in the regional city of Toowoomba,” he continued.

“Reuben’s report, an independent analysis prepared by Lawrence Consulting, found a continued transition of the resources sector from an investment phase of record capital expenditure into an operational phase of making sure that new production capacity is delivered as efficiently as possible.”

“Our coking coal will continue to provide an essential ingredient into steel making, our gas will feed the energy needs of Asia and Europe while our alumina, bauxite, copper, gold, lead, mineral sands, silver and zinc will be much sought after in a rapidly urbanising Asia.”

“Yet again Brisbane is the biggest mining town in Queensland with the sector contributing $23.6 billion or 20 per cent of Brisbane’s total gross regional product. Resources supported over 113,000 jobs across the city and the sector spent $9.6 billion locally.”

To access the 2016-17 economic contribution report, please go to: http://bit.ly/2zUGQoN 

Image credit: https://www.qrc.org.au

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