RECORD SPEND BY RESOURCE SECTOR

RECORD SPEND BY RESOURCE SECTOR

 THE minerals and energy sector was responsible for one in every four dollars in the state’s economy last financial year, according to figures released today by the Queensland Resources Council (QRC).

The 2012-2013 postcode analysis of wages and salaries paid, goods and services purchased and community contributions from 40 of the state’s leading minerals and energy companies reveals a record $37.9 billion spend in Queensland.

Direct spending by resources companies reached most local government areas and generated an additional $37.7 billion in ‘second round value-add’ economic activity, according to an analysis prepared by independent economics experts, Lawrence Consulting.

QRC chief executive Michael Roche says the sector is responsible for almost one in every five jobs.

“Coal industry spending represented just over half the sector’s $37.9 billion cash injection to Queensland in 2012-13 with oil and has ramping up to a 31 per cent share and metals contributing 14 per cent,” he added.

“Oil and gas industry spending of $11.7 billion was a big factor in offsetting the well-publicised cost cutting and investment slowdown in the coal industry.”

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