Latest figures from the Chamber of Commerce and Industry Queensland (CCIQ) confirm the state has helped the nation continue to trade at a surplus. With $1.925 billion recorded in November data by the Australian Bureau of Statistics.
Simon Vigliante, Mackay Chamber Treasure, said: “the coal industry in the Bowen Basin is propping up the economy”. “There are primary, secondary and tertiary benefits from the industry including those directly employed, the services that prop up the mining industry and even tourism”. “All levels of industry benefit’, he said. “If you were to take it away you (devastate) the economy”.
Close to $4.4m has been directed back into the Mackay economy since 2017/18 from the minerals and energy sector. With Brisbane a close second having contributed $12.6m to the sector.
Highlighting the “activity in Queensland’s resource sect remains the key pillar for the state economy, and funding source for the Queensland budget according to the last mid-year financial and economic review”, said Dan Petrie CCIQ head of Media & Industry. Even more so given the “volatility on global markets was high towards the end of last year, implying a particularly strong result,” said Mr. Petrie.
CCIQ confirmed Queensland totaled $7.25 billion; the second highest record in total merchandise exports and the fourth consecutive month goods leaving the state above $7 billion.