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Queensland’s Resources Companies invest locally Featured

Local businesses across Queensland are receiving a significant financial boost from resources companies with a 16 percent increase in local spending over 12 months.

 

QRC Chief Executive Ian Macfarlane said the industry’s latest Local Content report found buying locally was a win-win for the industry and local communities.

“Expenditure from the resources sector with Queensland suppliers jumped from $19.3 billion in 2017-18 to $22.4 billion in 2018-19 which is the highest investment recorded in four years,” Mr Macfarlane said. “Almost $70 million was invested with Indigenous businesses which is a 72 percent increase on the $40.5 million in 2017-18. The total proportion of expenditure with Queensland suppliers has increased to 71 percent of all spending ($31.5 billion). This means jobs now and on-going jobs for regional Queenslanders and companies are benefiting from the significant increase in capabilities from the well-established supply hubs in Mackay, Rockhampton, Gladstone and Toowoomba along with south east Queensland. Our sector’s economic reach is far greater than the communities in which we operate with Mackay and Brisbane accounting for the two largest local government areas for spending and neither have a mine or a gas well. Queensland’s resources sector understands small businesses are the lifeblood of regional economies and they will be a key part in powering our State’s jobs growth post Covid-19. By spending locally the resources sector promotes the long-term sustainability of local economies and builds partnerships with communities through mutually beneficial relationships. In the last ten years (2009-10) the sector has spent $232 billion with local businesses in Queensland. A clear message from this year’s case studies is buying locally is not just good business, it’s often a fast-track to innovation through the State’s growing Mining, Equipment, Technology and Services (METS) sector.”

Mr Macfarlane said the results were calculated before the impacts of Covid-19 and if industry was to continue to spend with local businesses it needed greater certainty around investment.

“The resources sector needs the Government to endorse our recovery plan to reduce red tape, streamline project assessment and approval processes and provide royalty stability over 10 years. The QRC’s comprehensive 40-point plan has been presented to the Government’s Queensland Industry Recovery Alliance and all members of parliament.” 

Source: QRC

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