Coal and LNG exports lift Queensland's financials
STRONG GLOBAL demand for coal and liquefied natural gas (LNG) has lifted Queensland’s export numbers by 13.8 percent to $87.4 billion over the 12 months to August 2019, according to the latest trade data from the Australian Bureau of Statistics.
Queensland Resources Council chief executive Ian Macfarlane said the strong result showed the ongoing importance of the resources sector to the State’s economy.
“Coal exports grew by 11.5 percent or an extra $3.9 billion while Queensland’s second most valuable export, gas is also enjoying strong volumes, with EnergyQuest’s data showing Queensland sent 8.2 petajoules of gas to other states while exporting 27 cargos of LNG worth $1.42 billion in August,” Mr Macfarlane said.
“It’s no wonder that the Port of Gladstone is setting export records this year. Mining, along with agriculture, is a vital primary industry that creates jobs and investment. Behind every billion in export values, there are jobs in local towns, and support for regional communities," he said.
The resources industry is a partner for our farmers who are doing it very tough during drought at the moment. The resources sector works hand-in-hand with the agricultural sector to support local economies and provide landholders with an additional income stream.
“That’s backed up by figures from the GasFields Commission that show as of 2018, the cumulative compensation paid to landholders by the gas industry was more than $505 million.
“These numbers demonstrate the co-existence model in Queensland is working well with farmers able to diversify their income by allowing companies to responsibly develop gas on their land. The current drought Queensland is experiencing is distressing and while it’s not the answer, the income from LNG companies can assist."
Mr Macfarlane, who recently returned from a trade trip to China with StateTreasurer Jackie Trad said Queensland has what the world needs.
“Our sector delivered more than 80 percent of Queensland’s export earnings. In dollar terms, exports from coal, minerals and gas are worth just under $200 million every day,” he said.