Queensland’s coal exports have been the star performer for the state’s exports over the last two years, taking the title as Queensland’s most valuable export earner.
Queensland Resources Council Chief Executive Ian Macfarlane said coal exports had been consistently delivering for our state in a run that stretches back to December 2016.
“Queensland’s coal industry is our economic powerhouse. And its run at the top dates back to December 2016. Every single month since then, coal has recorded the largest increase in value for Queensland commodity exports,” Mr Macfarlane said. “That’s 22 months back-to-back in which the coal industry has taken gold for all Queenslanders. And that’s money in the bank for the State Government and for the people of Queensland. The most recent stats from the ABS show coal was worth $34.3 billion dollars to Queensland for the year through to September. Our coal exports are on track to deliver a huge windfall for the State Government. Coal royalties are already forecast to be a record $3.76 billion dollars. The Palaszczuk Government’s budget is banking on total royalties from minerals and LNG to reach $4.32 billion. But on current figures, they’ll be even higher.”
The Queensland budget assumed thermal coal prices for this financial year to be $US89 a tonne. The latest thermal coal spot price was $US100 a tonne. Similarly, the budget assumes a coking coal price of $US161 a tonne, but the most recent trading value was $US225 a tonne.
“The consistent returns from the Queensland resources industry fund schools, roads and hospitals, and are particularly important at a time when rural exports have hit a rough patch,” Mr Macfarlane said. “On top of this record return for Queenslanders, there are about 300,000 people who work in the resources sector, either directly or in associated industries. It is essential that we have stable and reliable regulation for our resources sector to continue to attract the investment that builds our state and delivers for every Queenslander.”