If Queensland’s resource industry royalty payments were spent solely on education they would fund almost 40 per cent of the State’s entire education budget, according to Australia’s peak petroleum and gas body, the APPEA.
APPEA Chief Operating Officer Eastern Australia, Paul Fennelly said, “Ten years ago there was barely a natural gas industry in Queensland. Today we are looking forward to Queensland’s growth rate being the highest in the country off the back of gas exports.
“It’s an extraordinary achievement. It shows what’s possible when companies, landholders, governments and the community work together to make the state’s natural gas industry not only viable but successful and safe.”
Mr Fennelly made the comments after the Queensland Government delivered their 2014-2015 budget yesterday afternoon. During yesterday’s budget announcements, Queensland Treasurer, Tim Nicholls said:
In 2015-16, the ramp-up in LNG production is expected to underpin a surge in exports which, combined with an improved domestic economy, is forecast to boost economic growth to an 11-year high of around 6 per cent. This will be the highest in the nation. (Budget speech June 2, 2014)
According to the APPEA, Queensland’s gas industry is spending around $70 billion on coal seam gas to liquefied natural gas (LNG) projects with first exports planned later this year.
Mr Fennelly said, “As a result, a significant portion of the more than $2.8 billion in resources industry revenue in 2014-15 will be coming directly from the gas industry.
“In fact, if resource industry royalty payments were spent solely on education they would fund almost 40 per cent of Queensland’s entire education budget.
“The Queensland Government, in stark comparison to NSW and Victoria, continues to show strong leadership. The result is that the people of Queensland benefit from the development of a new industry under strong and sensible regulations.”