PERTH (miningweekly.com) – The resources sector in Queensland added an estimated A$77.6-billion to the state’s economy in 2013/14, the Queensland Resources Council (QRC) reported on Friday.
Revealing an analysis of spending in the resources sector, QRC CEO Michael Roche noted that despite challenges in the commodity market, the sector continued to be responsible directly and indirectly for one in every four dollars in Queensland’s economy and one in every five jobs.
“Every Queenslander – regardless of where they call home – has a vested interest in seeing our minerals and energy industries succeed and grow,” Roche said.
“Following the largest private sector investment phase in the nation’s history, what lies ahead for Queensland – if we are prepared to steer the course – is the promise of decades of prosperity driven by the modernisation of Asia.”
Roche warned that although there was significant demand for Queensland’s resources, specifically from Asia, Queenslanders could not take the demand for granted.
“We must compete for every contract, innovate to stay globally competitive, earn the support of our governments, and of the people who elect them,” he said.
Roche noted that minerals and energy companies spent A$37.5-billion in Queensland with the coal industry contributing 51%, oil and gas 36% and metals 13%.
“Of greatest significance is that almost 17 000 Queensland businesses were paid for goods and services and that expenditure generated a total ‘value-add’ in Queensland of A$77.6-billion and 442 000 full-time employment positions.”
Roche added that since the first analysis in 2010, the most striking and consistent result has been the starring role of the Brisbane region as the biggest mining town in Queensland.
“Brisbane recorded the highest direct expenditure of A$17-billion and a total economic benefit of A$37.8-billion in 2013/14.
‘That means the resources sector contributed 26% to Brisbane’s gross regional product and supported almost 200 000 full-time equivalent positions, or around 18% of the total regional workforce.”
The 2013/14 analysis aggregated by postcode, wages and salaries paid, goods and services purchased, community contributions and local/state government taxes and royalties.