The Queensland Resources Council has welcomed BHP’s annual economic contribution report highlighting its increased payments to the Queensland Government last financial year totalled $1.24 billion or $100 million every month.
QRC Chief Executive Ian Macfarlane said the report showed the company’s payments, including royalties, from its coal operations to the Queensland Government had increased by more than $100 million last financial year based on the current US dollar-Australian dollar exchange rate.
“These payments to the Queensland Government can be reinvested in services and infrastructure for all Queenslanders,” he said.
“For instance, a $1.24 billion payment to the Queensland Government pays for all the budget capital works projects in Queensland hospital and health facilities ($1.22 billion). That means better hospital care and health facilities for Queenslanders no matter where they live.
Mr Macfarlane said this contribution did not include the multi-million-dollar injection from BHP in the form of wages, purchases from suppliers and contributions to local councils across Queensland.
Link to the BHP 2019 economic contribution report https://www.bhp.com/-/media/documents/investors/annual-reports/2019/bhpeconomiccontributionreport2019.pdf?la=en
“The QRC produces an annual contribution from the resources sector. In 2017-18, the QRC study showed the resources sector contributed $62.9 billion to the Queensland economy, making $19.5 billion in purchases, paying $5.2 billion in wages and returning $4.3 billion in royalties to the State Government.
See link to the 2017-18 QRC economic contribution report summary https://www.qrc.org.au/wp-content/uploads/2018/11/QueenslandStory2018_final.pdf
QRC will update its State-wide economic contribution report for 2018-19 in November.