Resources contributes record $120 billion to Queensland

The Queensland resources sector generated a record $120.2 billion for the state’s economy in the 2023–24 financial year, according to the latest economic contribution report from the Queensland Resources Council (QRC).

In its 15th iteration, the annual QRC economic contribution report was prepared by independent consultants and outlines the extensive economic benefits delivered by the sector through royalties, employment, and community support.

“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 per cent of the Queensland economy,” QRC chief executive officer Janette 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 report highlighted the industry’s role as Queensland’s largest economic contributor and employment generator, supporting 62,730 direct jobs and over 554,000 direct and indirect jobs – equivalent to one in every six jobs in the state.

Resources companies also spent a record $35.8 billion to support 17,028 businesses and 1654 community organisations.

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

Brisbane’s status as Queensland’s “biggest mining town” was cemented, contributing $46 billion to the state economy and supporting 220,238 jobs.

The report also underscored the sector’s role in funding infrastructure, health, and education, and driving innovation for a low-emissions future.

Hewson said this year’s report provides further evidence as to why it’s so important to keep Queensland competitive to attract investment in the state’s resources sector.

“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,” she said.

“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.”