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Resources rebound delivering billions for the Qld economy

Queensland’s resources sector is lifting the State’s prosperity by creating one job every hour and investing close to $1 million every hour, says the Queensland Resources Council (QRC).

QRC Chief Executive Ian Macfarlane said the latest ABS data confirms the sustained commodity price recovery and larger production volumes were underpinning the State’s economy.

“In 2017-18 capex by resource companies in Queensland was $8.6 billion (up 4%) or $23.6 million every day and the sector created more than 8400 extra jobs in 12 months – the equivalent of one new job every hour,” Mr Macfarlane said.

“Our sector accounts for 35 percent of all private capital expenditure in Queensland ($24.6b) and it’s the first year we’ve seen an increase in mining capital expenditure since 2013-14.

“Resource companies are committed to spending locally with Rio Tinto spending over $1.5 billion on goods and services with Queensland suppliers at its Amrun bauxite project nearWeipa.

“From Toowoomba in the South to Weipa in the North resource companies are employingQueenslanders, investing in Queensland businesses and channelling billions in royalties to the Government.

“The challenge ahead for the sector will be to find the right people with the right skills and QRC member companies invest $1 million annually into our education arm the Queensland Minerals and Energy Academy (QMEA) to teach students STEM subjects and trade skills.”

The Queensland resources sector now provides one in every six dollars in the Queensland economy, sustains one in eight Queensland jobs, and supports more than 16,400 businesses across the State – with almost 7000 businesses in the Greater Brisbane region – all from 0.1 per cent of Queensland’s land mass.

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