Resource Sector Adds $62.9 Billion to Queensland Economy

- November 19th, 2018

Queensland’s resource sector contributed $62.9 billion to the state’s economy in 2017/2018, a 14-percent increase from the previous period, according to the Queensland Resources Council.

Queensland’s resource sector made a $62.9-billion contribution to the state’s economy in 2017/2018, a 14-percent increase from the previous period, according to the Queensland Resources Council (QRC).

The QRC released its ninth annual economic contribution report on Monday (November 19), reporting just under $600 billion in contributions to the economy over nine years, outweighing Hong Kong’s economy. Additionally, the resource sector boosted job growth by 12 percent over the last year, with over 316,000 full-time positions.

“It’s not just diesel fitters and port workers but also butchers and chefs, lawyers and environmental scientists who have a job connected to the resources sector in communities across Queensland,” QRC Chief Executive Ian Macfarlane said in a statement.

 

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“Our most recent data shows the sector is responsible for one in every five dollars in the economy and one in every eight jobs. It’s essential we have stable and reliable regulation to attract new investment and continue to lift the State’s prosperity,” Macfarlane added.

Coal in particular helped drive employment, with total employment growing 14 percent to over 215,000 workers. The commodity also made up 69 percent of economic contributions, with metals, oil and gas following behind at 15 percent and 13 percent, respectively.

Macfarlane continued, “[t]his report illustrates international markets see Queensland coal as an essential ingredient in steel making and energy production. It shows the world wants our bauxite, copper, gold, silver and zinc for electric vehicles, renewable energy and smart phones while our gas is feeding the energy needs of Asia and beyond.”

According to the report, Brisbane has maintained its position as Queensland’s biggest mining town with over 142,000 jobs in the sector and contributions of $28.9 billion to the economy, up 12 percent from the period before.

Also commenting on the report was QRC President Rag Udd, who highlighted the need for continued investment in the resource sector in order to keep producing strong results for the local economy.

“Our sector makes up almost 20 percent of the Queensland economy but we must not get complacent. We must embrace technology to stay globally competitive, compete for every contract and earn the support of our governments and the people who elect them,” Udd said.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

 

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