The resources sector in Queensland has achieved a record economic contribution of A$120.2-billion for the 2023/24 financial year, according to the latest Queensland Resources Council (QRC) 'Economic Contribution Report'. The report, which was released on Friday, underscores the sector's role in driving the state's economy and confirms its position as the largest industry in Queensland.

The fifteenth annual Economic Contribution Report, prepared by independent consultants, reveals that the resources sector accounted for around 24% of the Queensland economy in the last financial year, up from A$116.8-billion in the previous year. This marks the fifth consecutive year of record-breaking economic contributions since the report’s inception in 2010.

"In the 2023/24 financial year, the resources sector delivered an economic contribution of A$120.2-billion to the state, a record amount that represents around 24% of the Queensland economy," said QRC CEO Janette Hewson. "This year’s result is an increase on the A$116.8-billion the resources sector delivered in the previous year and is the fifth consecutive year a record economic contribution has been achieved since reporting began in 2010."

The report also highlights the resources sector’s status as one of the state’s largest employment generators, supporting 62 730 direct jobs in Queensland. Additionally, the sector’s economic footprint extends beyond direct employment, with more than 554 000 direct and indirect jobs supported across the state - equivalent to one in every six jobs in Queensland.

“These latest figures show the extraordinary depth and reach of the resources sector’s positive impact,” Hewson said. “Our industry is proudly resourcing the regions in so many meaningful ways, over and above the significant contribution it makes to the economy every year."

The 2023/24 report also detailed the flow-on benefits generated by the sector, with companies spending a record A$35.8-billion to support 17 028 businesses and 1 654 community organisations. This expenditure further demonstrates the sector’s extensive contribution to local economies, charities, and community infrastructure across Queensland.

“The 2023/24 report data highlights resources-driven benefits that are making a genuine difference to people’s livelihoods through direct and indirect employment, as well as to services, infrastructure, the social fabric and daily life in our rural and regional communities,” Hewson added.

Queensland’s southeast region, particularly Brisbane, once again emerged as a major hub for the resources sector, supporting 220 238 direct and indirect jobs and contributing A$46-billion to the local economy. While the southeast remains a key focal point, the report also underscores the sector’s critical role in supporting regional economies, where the resources sector is a key driver of economic activity.

“This year’s result means that over the 15 years of the QRC’s Economic Contribution Report, our sector has generated A$1.2-trillion for the Queensland economy,” Hewson noted.

The report also points to broader economic trends, including the ongoing role of Queensland’s resources sector in supplying materials critical for modern infrastructure and the transition to a low-emissions future. Resources such as coal, copper, and lithium are central to the development of technologies such as electric vehicle batteries and renewable-energy systems, which are essential to Australia’s low-carbon future.

Hewson also emphasized the need for continued policy support to maintain Queensland’s competitive edge in the global resources sector. She highlighted concerns over the state's high coal royalty rates, which could deter future investment in new projects and jobs. Given the long-term investment cycles in the resources sector, the current royalty framework could have significant implications for the sector’s future capacity to generate economic returns for Queensland.

“With a new state government comes a new opportunity to safeguard Queensland’s economic future with policies that clearly position our state as a safe, attractive and reliable investment destination, supported by decision-making that encourages a pipeline of new projects,” Hewson said. “Queensland has the world’s highest coal royalty rates threatening investment in new projects and jobs to other states and countries with more favourable tax regimes.”

Hewson further stressed the importance of a fair and balanced royalty system to support the sector’s ongoing health and viability.

“A fair and balanced royalty system is essential to ensure a healthy resources sector that continues to strengthen and support regional economies across Queensland well into the future,” she concluded.

As Queensland looks ahead to the future, the resources sector remains a vital part of the state's economy, driving growth, creating jobs, and providing significant economic benefits to both urban and regional communities. The 2023-24 Economic Contribution Report reaffirms the sector’s pivotal role in Queensland’s prosperity, while also highlighting the importance of policies that support investment and ensure the long-term sustainability of the industry.