Resources sector returns reach $74.3 billion

THE Queensland resources sector is powering the state’s economy, adding more than a billion dollars in value a week and now accounting for one in seven jobs, according to updated Queensland Resources Council (QRC) economic data.

The resources sector now supports 372,561 direct and indirect jobs, and in 2018-19 it added $74.3 billion to the Queensland economy. The new figures will be part of the QRC’s annual economic contribution launch in Brisbane today, attended by Prime Minister Scott Morrison.

QRC chief executive Ian Macfarlane said the figures showed the resources sector is delivering long-term benefits for all Queenslanders.

“Queensland’s resources sector is now supporting one in every seven jobs, and one in every five dollars for Queensland’s economy,” Mr Macfarlane said.

“That means from Burleigh Heads to Brisbane and from Mackay to Mount Isa, the resources sector is powering local economies and employing local people.

“The strength of the sector is driven primarily by coal, which is worth a billion dollars a week to Queensland, or $52.5 billion over the year. The coal industry directly employs 34,667 Queenslanders and supports another 226,887 indirect jobs.

“This year’s figures are up substantially on last year, with both overall jobs and total value added growing by 18 percent," Mr Macfarlane said.

“Over the last ten years the resources sector has added an extraordinary $668 billion to the Queensland economy, reflecting the world-class reputation of our sector and the hard work of Queenslanders.

“The numbers are on a global scale, but the benefits are local.

“With one in seven Queenslanders working in or with the resources sector, just about every Queensland family has a connection to mining and the resources sector.

“The resources sector is diverse and growing for the future.

"While the resurgent coal price has delivered a budget benefit for Queenslanders, there is significant growth in the metals category, such as copper, zinc and bauxite, which is up 26 percent this year and is now worth $11.7 billion to the state’s economy. There are strong prospects for even greater returns and more jobs as Queensland’s world-class North West Minerals Province is developed.

“The resources sector has always been proud to be part of what makes Queensland great. But it is about more than just the budget bottom line.

“Brisbane is still Queensland’s biggest mining town, with 134,327 jobs and $28 billion in value, with Mackay and Gladstone the next biggest regions.

“We proudly support regional communities by providing extra economic value for farmers during drought, and earlier this year the resources sector answered the call for help as floods hit North Queensland.

“The economic data shows the resources sector supported almost 14,500 businesses and 1,395 community organisations over the last year.

“The resources sector will continue to be a long-term partner for both rural and regional Queensland and the South East to deliver ongoing investment and jobs in the decades ahead.”

www.qrc.org.au

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