The resources sector injected a record $120 billion into the Queensland economy in the 2023–24 financial year (FY24), representing around 24 per cent of the state’s economy.
The contribution was announced in the latest Queensland Resources Council (QRC) Economic Contribution Report, which was released today.
The report is complied by independent consultants and aims to quantify the total value of the resources sector to the Queensland economy.
“This year’s result is an increase on the $116.8 billion the resources sector delivered in the previous year and is the fifth consecutive year a record economic contribution has been achieved since reporting began in 2010,” QRC chief executive officer Janette Hewson said.
“The resources sector once again confirmed its position as Queensland’s largest industry and one of the state’s top employment generators, supporting 62,730 direct jobs.”
The report confirmed the resources sector supported more than 554,000 direct and indirect jobs – the equivalent of one in every six jobs in Queensland.
“These latest figures show the extraordinary depth and reach of the resources sector’s positive impact,” Hewson said.
“Our industry is proudly resourcing the regions in so many meaningful ways, over and above the significant contribution it makes to the economy every year.”
Hewson emphasised this year’s report is further evidence of why it is so important to keep Queensland competitive to attract investment in the resources sector.
“The significant economic and social benefits the industry is providing to all Queenslanders today are the result of investment decisions made several years, or even decades ago,” she said.
“With a new state government comes a new opportunity to safeguard Queensland’s economic future with policies that clearly position our state as a safe, attractive and reliable investment destination, supported by decision-making that encourages a pipeline of new projects.”
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