Resources return a record $120 billion to Queensland with new investment needed to continue the sector’s strength

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The resources sector generated a record $120.2 billion for the Queensland economy last financial year, as revealed in the latest Queensland Resources Council (QRC) Economic Contribution Report released today.

The 15th annual Economic Contribution Report, prepared by independent consultants, quantifies the total value of the resources sector to the Queensland economy and outlines the depth and scale of the economic benefits generated by royalties and the industry’s support for local jobs, businesses, charities and sports clubs.

The key findings of the 2023-24 report were announced by QRC Chief Executive Officer Janette Hewson to 1000 industry representatives and special guests at the QRC’s Annual Lunch in Brisbane today.

“In the 2023-24 financial year, the resources sector delivered an economic contribution of $120.2 billion to the state, a record amount that represents around 24% of the Queensland economy,” Ms Hewson said.

“This year’s result is an increase on the $116.8 billion the resources sector delivered in the previous year and is the fifth consecutive year a record economic contribution has been achieved since reporting began in 2010.

“The resources sector once again confirmed its position as Queensland’s largest industry and one of the state’s top employment generators, supporting 62,730 direct jobs.

“The report confirmed the flow on benefits of the resources sector with companies spending a record $35.8 billion supporting 17,028 business and 1654 community organisations.”

The report confirmed the resources sector supported more than 554,000 direct and indirect jobs, which is the equivalent of one in every six jobs in Queensland and further demonstrates the ripple-effect boost for regional economies.

“These latest figures show the extraordinary depth and reach of the resources sector’s positive impact,” Ms Hewson said.

“Our industry is proudly resourcing the regions in so many meaningful ways, over and above the significant contribution it makes to the economy every year.

“The 2023-24 report data highlights resources-driven benefits that are making a genuine difference to people’s livelihoods through direct and indirect employment, as well as to services, infrastructure, the social fabric and daily life in our rural and regional communities.

“I commend every company and every dedicated, hard-working person who played a part in our sector’s new ‘personal best’ economic contribution this year who are making a real difference for all Queenslanders.

“The resources sector is especially proud to partner with regional communities who make such a significant contribution to the benefits our industry generates for our state.

“This year’s result means that over the 15 years of the QRC’s Economic Contribution Report, our sector has generated $1.2 trillion for the Queensland economy.”

The report has revealed key trends over time that highlight the strength and ongoing dependability of the industry to:

• reliably deliver tangible benefits for communities statewide, contributing royalties to fund roads, education, health, law and order

• supply significant employment opportunities and economic stimulus in the regions

• Support jobs and economic opportunities in Southeast Queensland. Brisbane is again Queensland’s ‘biggest mining town’ supporting 220,238 direct and indirect jobs and a local economic contribution of $46 billion.

• supply resources that are critical to build the infrastructure and technology for modern living standards and a low emissions future
• keep the Queensland economy thriving and competitive.

“This year’s report provides further evidence of why it is so important to keep Queensland competitive to attract investment in our resources sector,” Ms Hewson said.

“The significant economic and social benefits the industry is providing to all Queenslanders today are the result of investment decisions made several years, or even decades ago.

“With a new state government comes a new opportunity to safeguard Queensland’s economic future with policies that clearly position our state as a safe, attractive and reliable investment destination, supported by decision-making that encourages a pipeline of new projects.

“Queensland has the world’s highest coal royalty rates threatening investment in new projects and jobs to other states and countries with more favourable tax regimes.

“Given the longer-term investment-to-output cycles in our industry, this could have dire consequences for Queensland by reducing how much the sector is able to give back into the future.

“A fair and balanced royalty system is essential to ensure a healthy resources sector that continues to strengthen and support regional economies across Queensland well into the future.”

Media Contact: Matt Dunstan – [email protected]