Queensland resource returns hit $84.3b

The resources sector contributed a record $84.3 billion to the Queensland economy in 2020-21, up almost $2 billion on the previous period, a new report shows. The Queensland Resources Council's latest Economic Contribution Report also shows the sector supports the jobs of 423,000 people across the state, including 56,000 people directly employed and working full-time in resources. “I’m happy to say to the hundreds of thousands of Queenslanders who rely on our sector for a living - whether it’s through their job, or a business that provides goods and services to resources companies – that a technology-driven transformation is underway, and the future of resources is bright,” QRC chief executive Ian Macfarlane said. Key role in energy transition Mr Macfarlane said the resources industry had a leading role to play in the state’s transition to a low emission economy. “Climate change is a critical global challenge which must be addressed by all parts of society, and the resources industry is absolutely committed to being part of the global solution,” he said. The Sun Metals zinc refinery site at Townsville, with solar farm. “QRC members are already working on transition plans to lower emissions and reduce energy costs in their own operations by improving energy efficiency, adopting renewable energy solutions, investing in co-generation and implementing demand management. “The world is moving towards a new era of sustainable mining to meet the challenges of climate change, and there is no going back. “The good news is there are technologies being developed to help reduce the resources sector’s carbon footprint that simply didn’t exist five years ago, and even more will be discovered. “New, renewable energy options are emerging, and the potential for hydrogen to play a major role in meeting the world’s future energy needs is being watched very closely.” No.1 contributor to state's economy Mr Macfarlane said the resources sector was the No. 1 contributor to the Queensland economy and the state’s largest export industry, shipping almost 80 per cent or $44.6 billion of the state’s total exports in 2020-21. “Our industry's largest contributor to the state economy by commodity is coal, which makes up 70 per cent of our $84.3 billion contribution, followed by metals at 16 per cent and oil and gas at 11 per cent, with other contributions like electricity generation, silica and kerogen making up the balance,” he said. “The resources sector also contributed $2.5 billion in royalties to the state budget in 2020-21 which is used to fund essential government services such as schools, hospitals, roads and police stations.” Mr Macfarlane said Queensland was the envy of the world because of its unique mix of traditional and renewable resources, which offered a pathway to a lower emission future, long-term job opportunities and economic security. “We have the resources, we have the right attitude and we will increasingly have the technology to drive transformation across the resources sector, so there are good times ahead for Queensland,” he said. Coal accounted for about 70 per cent of the Queensland resource sector's $84.3 billion contribution last year.

Queensland resource returns hit $84.3b

Industry Queensland

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