• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login

    Investing News NetworkYour trusted source for investing success

    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Australia Market
    Australia News
    Australia Stocks
    • Australia Market
    • Australia News
    • Australia Stocks
    1. Home>
    2. Australia Investing>
    Loading...
    0

    Resource Sector Adds $62.9 Billion to Queensland Economy

    Olivia Da Silva
    Nov. 19, 2018 03:05PM PST

    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.

    Resource Sector Adds $62.9 Billion to Queensland Economy

    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.

    “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.

    The Conversation (0)
    Go Deeper
    AI Powered
    Iron ore sitting on Australia flag.

    Australia’s 5 Most Valuable Mineral Exports

    Solar panels and windmills.

    10 Biggest ASX Renewable Energy and Sustainability Stocks in 2025

    Olivia Da Silva

    Olivia Da Silva

    A graduate of Durham College's broadcast journalism program, Olivia has a passion for all things newsworthy. She got her start writing about esports (competitive video games), where she specialized in professional Call of Duty coverage. Since then, Olivia has transitioned into business writing for INN where her beats have included Australian mining and base metals.

    Latest News

    Reinstatement to Quotation

    Agreement to Develop New Expandable Graphite Facility

    Comet share sale and debt repayment

    Incentive Regime for HMW Project in Argentina

    EUR Sells 0.5m CRML Shares for U$1.8m (A$2.7m)

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Australia Investing Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×
    Olivia Da Silva

    Olivia Da Silva

    A graduate of Durham College's broadcast journalism program, Olivia has a passion for all things newsworthy. She got her start writing about esports (competitive video games), where she specialized in professional Call of Duty coverage. Since then, Olivia has transitioned into business writing for INN where her beats have included Australian mining and base metals.

    Full Bio

    Learn about our editorial policies.