Gas industry fires up Queensland economy

A REPORT commissioned by The Australian Petroleum Production Exploration Association into the economic impact of the Queensland oil and gas sector has revealed the industry has injected around A$55 billion into the state economy over a seven year period.
Gas industry fires up Queensland economy Gas industry fires up Queensland economy Gas industry fires up Queensland economy Gas industry fires up Queensland economy Gas industry fires up Queensland economy

Paul Hunt

Senior Journalist: Energy & Commodities

Paul Hunt

The Economic Impact of Queensland's Petroleum and Gas sector 2011-18 report was conducted by Lawrence Consulting and found almost $4.9 billion was spent on wages across the state during the period, with the industry employing 4,606 people fulltime, at a salary average of around $150,617 per annum.

The industry spent $49.7 billion on goods and services from local communities and on payments to local government as well as royalties, stamp duty and tax, the report found.

In addition, data collected in recent years as part of the expenditure survey indicates the petroleum and gas sector made $322.2 million in total payments to local government and $489.0 million in state government payments over the past five years and supported an average of 3,304 local suppliers each year over the last four years.

"The natural gas industry has propped up Queensland during a particularly tough time and it will continue to be a pillar of the economy for many decades to come," APPEA Queensland director Geogy Mayo said.

"Natural gas has also provided a huge boost regional centres like Gladstone, Toowoomba, Roma, Dalby and Chinchilla."

The report follows an earlier study into the impact of the resources industry on the Queensland economy from Deloitte released earlier this month.

In its quarterly update on the economy released last Monday, Deloitte found the state economy was benefiting from short-term relief thanks to coal and gas exports.

However Queensland also currently has its highest unemployment rate in over four years, according to Deloitte.