A new report has affirmed the importance of the Queensland resources sector to the state’s economy, with a record $94.6 billion contributed by coal, gas, and minerals producers in the 2021/22 financial year – up $10 billion or 12 per cent on the previous year.
Queensland Resources Council (QRC) Chief Executive, Ian Macfarlane, said this year’s annual Economic Contribution report cements how integral the resources sector is to the Queensland economy.
“Our total figure of $94.6 billion includes a record $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,” he said.
Mr Macfarlane said the contribution by the resources sector to regional economies and employment has continued to grow for the past five years, with towns and communities from the state’s north-west down to the south-east corner all benefiting from the prosperity of the resources sector and our associated supply chain.
“In the past financial year, resources companies have also spent $27 billion on supporting local business, sporting groups and charities, which brings enormous social and economic benefits to mining communities.”
Mr Macfarlane said more than half of that figure is spent outside the Brisbane region, with coal producers accounting for 69 per cent 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,” Mr Macfarlane said.
“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 doesn’t damage the state’s number one export industry.”
