The Queensland coal sector’s importance to the state and national economy has been highlighted in a major new report that forecasts coal will bring in record export earnings of $110 billion in 2021-22.
The resource is set to become just the second Australian commodity to break through the $100 billion annual export mark.
The figures are part of the Department of Industry, Science, Energy and Resources’ March 2022 edition of the Resources and Energy Quarterly (REQ).
Minister for Resources and Water Keith Pitt said coal is making a significant contribution to a “very successful year for Australia’s resources and energy sector”.
“The latest REQ report has found that soaring demand and high prices for Australia’s coal will be a key contributor to our total resources and export earnings surging to a record high $425 billion for 2021-22,” he said.
Minister Pitt said critical global shortages in energy and some resource commodities have led to the high prices for some of Australia’s commodities.
Federal Member for Capricornia Michelle Landry said the new figures show the importance the sector held.
“The jobs and economic opportunities the coal sector provides are critically important to our region and the Coalition Government will ensure that continues well into the future,” Ms Landry said.
Senator for Queensland Matthew Canavan said nearly 92 per cent of metallurgical coal exports came from Queensland in 2021.
“[That] means billions of extra dollars in royalties and taxes to pay for the services we all rely on,” Senator Canavan said.
“We should be thanking our coal miners for the work they do.”
LNP Candidate for Dawson, Andrew Willcox said Queensland’s coal industry can continue delivering jobs in the region for decades
“There are 91 new major resources and energy projects in the pipeline in Queensland, which will deliver thousands of new jobs, especially in regional areas,” Mr Willcox said.
“The men and women working in the coal sector in the North and Central Queensland region, and throughout Queensland, have helped provide the bedrock for the state’s economy through the COVID pandemic.”
Minister Pitt said the efforts of Australia’s resources workers have helped put the country on track to deliver record high resources and energy export earnings.
“These earnings will keep the benefits flowing to all Australians, including through royalties the states use to pay for services such as the hospitals, roads and schools, we all rely on.”
The latest Resources and Energy Quarterly report is available on the Department of Industry, Science, Energy and Resources website.
Federal Member for Capricornia Michelle Landry with LNP Candidate for Flynn Colin Boyce (right) and Senator for Queensland Matthew Canavan
