QRC seeks urgent talks on Qld’s resource investment attractiveness

THE Queensland Resources Council will meet with the Palaszczuk Government next week in a bid to arrest the further decline in the State’s attractiveness for resource investment. 

QRC chief executive Ian Macfarlane said the Canadian-based Fraser Institute global survey of mining companies found Queensland’s investment attractiveness fell from 12th to 13th of 83 jurisdictions around the world. 

“It means Queensland is becoming less attractive for mining companies when they decide to invest.  The world is watching,” he said.

“For Queenslanders, the less attractive we are for new investment is the less potential to create jobs, grow exports and earn royalties to pay for services and infrastructure.  A strong resources sector is a strong foundation for the quality of life for Queenslanders.”

Premier Annastacia Palaszczuk told the QRC annual lunch in November last year that her government would work with the QRC to promote existing initiatives and explore new opportunities to:

• expand the availability of land for mineral and energy resource exploration and development;

• strengthen our export partnerships, create new resource export markets and increase development of advanced manufacturing and renewable energy in Queensland;

• identify and develop the skills and training needed for our resources industry and opportunities for diversity of employment by increasing the number of women and Indigenous Queenslanders in the industry.

Mr Macfarlane said QRC would meet with the government, including Trade and Investment Queensland, "to ensure we redouble our combined efforts to sell a strong Queensland message". 

“Now is not the time for mixed messages on resources.  We need to speak with one voice — we want the investment to deliver the energy mix, infrastructure, advanced manufacturing and expansion of renewable energy, electric vehicles and batteries around the globe,” he said. 

“These survey results are a further warning that a number of projects in an estimated $70 billion of resource projects might not proceed.  These projects take many years to get to a final investment decision.”

Mr Macfarlane said while the Fraser Institute survey found Queensland was 12th for mineral potential, it was marked down for uncertainty for environmental regulation (49th), regulatory duplication and inconsistency (48th), and uncertainty concerning the administration, interpretation and enforcement of existing regulation (39th).

The Queensland resources industry supports more than 316,000 jobs across Queensland or the equivalent of one in eight in the state’s workforce, according to the QRC. 

The sector also contributed more than $62 billion of the State’s gross domestic product or the equivalent of one in every six dollars, as well as more than 80 percent of the state’s exports with overseas sales of Queensland coal, metal and petroleum increasing to more than $60 billion, propelling Queensland exports to a record $81 billion in 2018.

www.qrc.org.au

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