The Queensland Resources Council’s (QRC) ‘Local Content Report’ has found the Queensland resources sector spent $32.7 billion in local businesses in the 2022–23 financial year (FY23).
The amount is an increase of almost $6 billion on the previous year.
QRC chief executive officer Janette Hewson said the report confirms the importance of the resources sector to Queensland’s economy.
“Our report reveals nearly three of every four dollars, or 72 per cent, were spent by resources companies with businesses in Queensland,” Hewson said. “Buying local means resources companies are supporting Queensland businesses to grow and create more jobs, particularly in the regions.”
The report also revealed a significant increase in resources companies engaging with Queensland Indigenous business operators.
The amount spent with Indigenous businesses increased by 52 per cent in FY23, jumping to $142.5 billion from $93.8 billion.
“This increase demonstrates the industry’s long-term commitment to support and grow Indigenous participation in the resources sector in regional and remote communities across Queensland,” Hewson said.
“This year’s figure continues a trend from FY17, during which time resources companies have increased their spend with Indigenous companies by 263 per cent, well above the industry wide spending increase of 103 per cent.”
Hewson said the report again showed the importance of the resources sector to regional Queensland.
“Of the $32.7 billion spent on goods and services by resources sector companies, more than half, $16.7 billion, was spent outside southeast Queensland,” Hewson said.
“The results of report reinforce the importance of government getting the right policy settings, including a fair and balanced royalty system, to attract the new investment that will drive the resources sector’s continued support of local businesses and jobs.”
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