QRC report highlights future growth

A new Queensland Resources Council (QRC) report has revealed promising…

A new Queensland Resources Council (QRC) report has revealed promising growth on the way for the mining sector, but urged government policy to support its future.

The QRC’s latest State of the Sector report confirmed steelmaking coal, gas and thermal coal will continue to be Queensland’s biggest export commodities.

Two-thirds of QRC member CEOs surveyed believed demand for their commodities, including coal, will increase over the next three years.

However, the report said Queensland’s current regulatory environment and policies are “stifling” future growth and employment plans.

QRC chief executive officer Janette Hewson said the number of mining and energy companies planning to expand their Queensland operations over the next 12 months has fallen from 35 per cent to 17 per cent.

“Our report also shows the number of resources CEOs who expect to increase their workforce over the next 12 months has dropped from 40 per cent at the beginning of 2023 to 28 per cent this year which is not good news for Queensland,” she said.

“The resources sector and Queensland Government need to work together more closely to ensure Queensland can continue to attract long-term investment in new mining and energy projects.”

The report found the industry’s number one concern is policy uncertainty, followed by rising costs and an ongoing skilled worker shortage.

Nearly 90 per cent of the resources CEOs surveyed also believe the Queensland Government should do more to stand up for the industry against misinformation campaigns.

Hewson said a highlight of the report revealed 72 per cent of resources companies expect to buy more products and services from local and Indigenous businesses over the next 12 months.

Mining and energy companies contributed almost $117 billion to the Queensland economy last financial year and supported the jobs of more than 530,000 people directly or indirectly.

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