Resources sector continues to power Queensland economy

Queensland’s resources industries continue to underpin the services and infrastructure the state needs, with today’s Budget update revealing the sector will return more than $5.1 billion in royalties this financial year.

Coal provides the bulk of that income, with the state’s industry delivering $4.3 billion to the Queensland Treasury in 2018-19 – up an extra $739 million from projections in the State’s June Budget.

Minister for Resources and Northern Australia Matt Canavan said, in light of the figures released today, the Queensland Government should warmly welcome continued investment in the state’s resources industry.

“Earlier this year I described the contribution of the coal industry to the Palaszczuk Government’s budget bottom line as the love that dare not say its name. Today, that love is writ large for all to see,” Minister Canavan said.

“According to a recently released Queensland Resources Council report the resources sector supports more than 316,000 full time jobs in Queensland.

“The QRC report also found the royalties paid by our resources sector provided funding for new hospitals, police stations and schools, or the wages of 63,000 teachers or 61,000 police or 64,000 nurses.

“The provision of vital services needed by Queensland families depends on the success of our resources sector.

“The state’s reliance on this revenue is expected to continue well into the future, with coal royalties being revised up by more than $1.8 billion for the period to 2020-21.

“Out to 2021-22, total royalties from Queensland’s resources sector are forecast to exceed $18 billion.

“This serves to reinforce the importance of the Queensland Government getting on board with new resources projects.

“We want to see new and secure jobs created throughout regional Queensland and the resources industry clearly has the ability and capacity to deliver them.”

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