New exploration data from the Australian Bureau of Statistics reinforces the need for clear and consistent rules for investment in the Queensland resources sector.
Queensland Resources Council (QRC) Chief Executive Ian Macfarlane said the data shows exploration expenditure is up across minerals and petroleum.
“The year on year comparisons show an increase in exploration investment across all of Queensland’s major resources, including coal, petroleum and copper,” Mr Macfarlane said.
“If explorers are taking the punt to invest in exploration, they must have certainty that all subsequent project investments will be assessed fairly under a stable and transparent set of rules.”
Over the last year mineral exploration is up 18 percent, coal exploration expenditure is up 44 per cent, copper exploration expenditure is up 40 per cent and selected base metals exploration expenditure (copper, silver, lead-zinc, nickel and cobalt combined) is up 30 per cent. Petroleum exploration expenditure is up 39 per cent compared to the same quarter last year.
“Queensland had a wake call with the recently released Fraser Institute ranking showing the state has fallen a place to number 13 in terms of investment attractiveness,” Mr Macfarlane said.
“At the same time Western Australia has secured the number 2 ranking.
“Queensland can’t take its future success for granted. The resources sector employs 316,000 Queenslanders either directly or in supporting industries.
“The Queensland budget would be in the red by $4.6 billion this year alone without the royalty taxes from the Queensland resources sector. The majority of those royalty taxes come from coal exports.
“To keep these benefits flowing to all Queenslanders we need a strong resources sector, underpinned by new investments and new projects to deliver new jobs.”
