|22 November 2011|
|The most significant period of economic growth opportunity in Queensland’s history is in promise following the release in Brisbane today of a 2020 Growth Outlook Study of the state’s minerals and energy sector.|
Queensland Resources Council Chief Executive Michael Roche said the study by Deloitte Access Economics in cooperation with QRC member companies provided a vital guide for industry, governments and communities in the interests of maximising the state-wide benefits from an unprecedented expansion of the Queensland minerals and energy sector.
The outlook report is based on 66 resource sector projects either under study, committed or under construction. Combined, they represent capital expenditure out to 2020 of $142 billion.
‘If all these projects proceed, they will—among other significant socio-economic contributions to the economy—boost state royalties to almost $8 billion a year by 2020.
This is almost three times the $2.8 billion dollars banked in the 2010-11 financial year,’ Mr Roche said.
‘However, not every aspect of the development process is under the control of the project proponents.
‘There is mounting evidence that supply side issues associated with labour, water and electricity supply have the potential to either slow sector growth or prevent it from reaching its full potential.
‘The report finds that if all the identified projects proceed, the sector could require an additional 40,000 workers, another 5000 megawatts of electricity and almost 200,000 megalitres of water.
‘These are challenges that will need to be addressed as they will emerge, albeit in reduced form, if only half the projects on the drawing board proceed.
‘Industry growth of this magnitude is unprecedented but not beyond the capacity of either Queensland or Queenslanders to embrace in the state and the nation’s long-term interests.
‘The world is changing before our eyes as developing nations reach out for a lifestyle that we take for granted.
‘Queensland can either play a leading role in that global revolution or start finding excuses why it can’t—and I just don’t see that sitting well with Queenslanders,’ Mr Roche said.