Hopes high for mining-related business spending to hold firm

4 August 2020

Queensland mining and energy companies will continue to underpin the Queensland economy in spite of COVID-19, Queensland Resources Council Chief Executive Ian Macfarlane said today.

Following yesterday’s release of CCIQ’s Suncorp Pulse Survey of Business Conditions which showed 70 per cent of businesses across the state were experiencing pandemic-related profit hits, Mr Macfarlane said times were tough but Queensland’s resource sector was tougher.

“In the 2018-2019 financial year, Queensland’s mining and energy companies spent $22.4 billion with local businesses across the regions, which was up 16 per cent on the previous year and our highest recorded total in four years,” Mr Macfarlane said.

“The good news is we don’t expect this result to slide backwards significantly in the 2019-2020 financial year because against all odds most resource companies have managed to maintain full production.

“This has been no small feat and the result of the significant and costly efforts undertaken by the resources sector to do whatever is required by Queensland Health to keep employees and the communities in which they live and work safe.”

Mr Macfarlane said the industry’s continuing stability would enable it to support local businesses across the state to the tune of billions of dollars each year during the challenging times ahead.

 

Media contact: Anthony Donaghy 0412 450 360