Photo by: Bloomberg
PERTH (miningweekly.com) – New data by the Queensland government has revealed that the resources industry increased exports to A$65.6-billion, or some 81% of the state’s total merchandise exports, during the 12 months to November last year.
Queensland posted a record A$80.5-billion in exports during that period, with coal exports contributing A$35.4-billion in the period.
The Queensland Resources Council (QRC) CEO Ian Macfarlane said on Wednesday that over the 12 months to November, the resources sector in the state had earned the equivalent of A$125 000 every minute.
“Since the government took office in February 2015, resource sector exports have increased by 114%. The growth of other exports was less than 7% over the same period,” Macfarlane said.
Acting Premier and Minister for Trade Cameron Dick said the strong growth of exports in November was excellent news to start 2019.
“Queensland continues to export more goods than New South Wales and Victoria combined,” Dick said.
Export prices for Queensland’s two most valuable exports, coal and liquefied natural gas (LNG), have increased markedly over the past two years, driving the total value of Queensland’s goods exports higher.
Coal exports rose A$4-billion in the 12 months to November, to A$43-billion. LNG exports increased by A$3.7-billion in the 12 months to November, to A$13.1-billion, driven by an increase in prices, while minerals exports increased A$1.6-million in the 12 months to November 2018, to $10.4-billion, driven by increases in the value of mineral exports such as aluminium, zinc and lead.
Macfarlane noted that it was critical for Queensland, including the 316 000 Queenslanders who work directly and indirectly in the resources sector, that the government maintained stable policy and royalty tax rates, continued to encourage exploration through land releases for new discoveries, and worked with the industry on its skills development, investment attraction and export promotion initiatives.
“The recent state Budget update showed the resources sector is contributing a record A$5-billion in royalty taxes this financial year,” he said.
Macfarlane said the resources sector was determined in 2019 to accept Premier Annastacia Palaszczuk’s offer to work together with the sector.