Increased mineral, petroleum exploration spending bolsters Qld jobs pipeline

INCREASED investment, in exploring for minerals and petroleum in Queensland, was a strong indicator of future jobs growth in the resources sector according to the Queensland Resources Council (QRC).

QRC Chief Executive Officer Ian Macfarlane said the Australian Bureau of Statistics (ABS) data released today, found in the December 2017 quarter mineral exploration was $64.3 million – a 27 per cent increase on the same period in 2016 – meanwhile, petroleum exploration was $40.2 million for the December 2017 quarter, which is a 23 percent increase compared to 12 months ago.

“Exploration is an important indicator of confidence in the resources sector and an investment that will grow jobs over the longer term,” he said. 

“It’s an important industry and we will work with governments to ensure there is policy certainty for future investments and future jobs. 

“The resources sector already contributes to one in eight jobs in Queensland. 

It’s disappointing that mineral investment in New South Wales increased at a faster rate – 29 per cent - in the December 2017 quarter. Like any Queenslander, I do not like to be beaten by NSW.”

Macfarlane said the ABS exploration data followed a report by Canada’s Fraser Institute that found Queensland had dropped out of the global top 10 for investments with policy uncertainty the most cited. 

www.qrc.org.au

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