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.
Prepared by independent consultants, the 15th annual Economic Contribution Report 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 2023-24 report highlights resources-driven benefits that are having positive influences on people’s livelihoods through direct and indirect employment, as well as to services, infrastructure, the social fabric and daily life in rural and regional communities.
Key findings announced by QRC Chief Executive Officer Janette Hewson include in the 2023-24 financial year, the resources sector delivering an economic contribution of more than $120 billion to the state – “a record amount that represents around 24% of the Queensland economy”.
“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,” Hewson says.
“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 notes the resources sector supported more than 554,000 direct and indirect jobs – the equivalent of one in every six jobs in Queensland.
Over the 15 years of the QRC’s Economic Contribution Report, mining has generated $1.2 trillion for Queensland’s economy.
Write to Adam Orlando at Mining.com.au
Images: Stock
