Budget confirms Queensland resources sector delivering for the nation

  • Posted 25 October, 2022
  • Media Releases

25 October 2022

The Queensland Resources Council (QRC) says tonight’s federal budget has again confirmed how important the sector is to Australia’s economic future.

QRC Chief Executive Ian Macfarlane said continuing international demand for Queensland’s coal, gas and metals is the major contributor to Australia’s record terms of trade.

“For every three months commodity prices remain high, the resources sector is forecast to contribute an additional $43.8 billion in GDP, and $10 billion of tax revenue over the next two years, which is a staggering result that shows just how important mining is to our economic future,” Mr Macfarlane said.

“Resources and energy exports were the biggest contributor to a record 12 per cent increase in Australia’s terms of trade, underpinning our economic strength.

“It is good to see the Federal Government acknowledge the importance, and the contribution, of the resources sector to the nation’s economic security.

“It’s time the Queensland Government did the same by abandoning its ill-considered coal royalty tax increase, which is seriously jeopardising the long-term future of the resources sector and the 420,000-plus people whose jobs we support.

“Already we’ve seen the Japan warn of the impact the decision will have on future investment, and last week BHP reaffirmed that the Queensland Government’s decision to increase coal royalty taxes has led to the company putting new investment in the state on hold,” Mr Macfarlane said.

The QRC welcomes the Commonwealth’s focus on boosting skilled worker numbers by offering free TAFE places.

“Skilled worker shortage is a major issue for the Queensland resources sector and it’s vital the Commonwealth remains focused on the issue to ensure the industry can reach its full productivity and maximise jobs and economic opportunities for all Australians,” Mr Macfarlane said.


Media Contact: Rachel Stewart – [email protected] or 0408 130 767

Matt Dunstan – [email protected] or 0411 535 072