Resources sector keeps Queensland exports at record highs - QRC

THE RESOURCES sector has helped Queensland maintain its record high export results with strong growth in coal, LNG and mineral exports over the last 12 months, Queensland Resources Council chief executive Ian Macfarlane said.

Mr Macfarlane said based the latest trade figures for the 12 months to the end of March 2018 showed that the resources sector contributed more than $55 billion – or 78 percent – of the State’s $70 billion goods exports.

Premier and Minister for Trade Annastacia Palaszczuk said: “Queensland has always been a trading state. Our future is underpinned by trade, which comprises almost one-third of our economy. Our growth in exports is driven by coal, LNG and crops. We are always looking to do more to create jobs and boost the economy.”

Mr Macfarlane said he welcomed the Premier’s confidence in the sector and its ongoing contribution to Queensland’s exports.

“The fact is our exports are at record levels.  That’s good news for the Government’s budget and its capacity to reinvest in services and infrastructure.  It’s very good news for Queensland jobs and household budgets,” he said.

“Resources sector exports from Queensland are now the equivalent of $1 billion every week.”

The trade data shows coal exports increased by 12.4 percent – or $3.324 billion – to $30.174 billion over the last 12 months, while minerals increased by 9.9 percent – or $654 million – to $7.286 billion over the same period.

“LNG continues to be a growing contributor to our exports performance.  Combined the QCLNG, APLNG and GLNG projects, working off Curtis Island, have sent more than 750 shipments overseas from the Port of Gladstone,” he said.

Mr Macfarlane said stable policy and commodity prices were essential to the resources sector's strong export performance.

“However, the major threat to our export performance is a homegrown one.  Aurizon’s new maintenance regime will cut the movement of an estimated 20 million tonnes per annum.  This is the equivalent of $4 billion in lost export sales.  For the Government, and more importantly for the people of Queensland, it is a $500 million loss in royalties – in money the Government can reinvest in services and infrastructure for the people of Queensland,” he said.

“QRC repeats its call on Aurizon to resume normal maintenance practices and await the outcomes of both the Supreme Court action, which Aurizon initiated, and the Queensland Competition Authority assessment.”

QRC is the peak representative body for Queensland’s resource sector. The sector provides one in every $6 in the Queensland economy, sustains one in eight Queensland jobs, and supports more than 16,400 businesses across the State, all from 0.1 percent of Queensland’s land mass.

www.qrc.org.au

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