Queensland’s coal and liquefied natural gas (LNG) producers are powering through difficult economic conditions by exporting record numbers of the commodities to customers across the world.
According to the Queensland Resources Council, 19.5 million tonnes of coal was exported from the state in May – which is an almost 9 per cent increase on the previous year’s 17.9 million tonnes.
Additionally, in the 11 months to May 2016, coal exports were tracking higher at 202 million tonnes, compared to 199 million tonnes in the same period last year.
Meanwhile, during May, Queensland’s LNG producers exported nearly 1.5 million tonnes of LNG to 13 different countries.
ECONOMIC CONTRIBUTION TO QUEENSLAND
During the 2014-2015 financial year, Queensland’s mining and energy industries contributed $65 billion to the state’s economy.
For every $5 invested in Queensland, the energy and mining sectors accounted for $1. The resources sector also creates one in every six jobs and benefitted more than 24,000 of the state’s businesses last year.
Minerals and energy companies directly spent about $32 billion in Queensland’s economy throughout 2014-2015. Of that, $5.2 billion was expended on wages and salaries, $24.7 billion was paid out for goods and services and a further $2 billion allocated in various taxes.
About half of the $32 billion revenue came from coal mining, while LNG and coal seam gas contributed about 33.2 per cent of the money spent in Queensland.
The $2 billion in taxes went towards public infrastructure, education, health and other essential services.