- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Purpose Bitcoin ETF
Silver47 Exploration
Syntheia
Black Swan Graphene
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Resource Sector Adds $62.9 Billion to Queensland Economy
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.
“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 Beginner’s Guide to Investing in Gold (Australia Edition)
Ready to invest in gold? Our beginner's guide makes it simple to get started.
Download your investing guide today.
Learn About Exciting Investing Opportunities in the Gold Sector
Your Newsletter Preferences
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.
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.
Learn about our editorial policies.