June 13, 2016
Last financial year Queensland’s gas industry contributed $10.6 billion to Gross Regional Product, supporting some 3500 registered businesses across the state.
While severe reductions in the price of commodities and oil are expected to impact tomorrow’s state budget the industry will continue to deliver economic benefits over the next 30 years.
APPEA Queensland Director Chris Lamont said the state’s gas industry has invested over $70 billion in LNG projects driving an unprecedented level of investment while delivering reliable, cleaner and affordable energy to Australia’s east coast and Asian trading partners
“This investment has a lifespan of at least 30 years, providing decades of employment, income for suppliers and businesses as well as tax revenue and royalties for Queensland and Australia,” Mr Lamont said.
“Just like the agricultural sector the gas industry is familiar with the swings and roundabouts of supply and demand commodity cycles.
“These are long-term projects with long-term contracts and while the current global oil price drop has forced many companies to revise their business strategies, Queensland’s future remains bright.”
Already the benefits of Queensland’s vibrant gas industry are clear:
- $10.6 billion or 3.6% of Gross Regional Product in Queensland (FY 2014/15).
- $6.6 billion spent with some 1700 business in the Brisbane area alone (FY 2014/15).
- $1.5 billion spent with some 1000 businesses in the Darling Downs and South West Region (FY 2014/15).
- $247 million for a range of community infrastructure and services including hospitals and community centres, provided over the last five years.
- $360 million to road infrastructure over last five years including $275 million for local roads and $82 million on state roads, provided over last five years.
- $238 million in compensation paid to landowners.
“The gas industry will continue to make a tremendous contribution to the Queensland economy and budget as we move towards a lower carbon future,“ Mr Lamont said. Download PDF