A new resource sector jobs report shows Queensland is losing its investment edge.
The Australian Resources & Energy Employer Association says NSW is threatening to take the lead.
Resources and Energy Workforce Forecast: 2024-2029 breaks down the estimated labour required to operate new, expansion and restarted mining and oil and gas projects.
AREEA chief executive officer Steve Knott says in 2022, the report forecast 5560 new jobs in Queensland’s major project pipeline.
“In 2023, the figure was 4470, and this year, just 3527,” he says.
“There can be no doubt the Queensland Government’s intransigence over its decision to massively increase coal royalties has taken a toll on investor confidence in the state across the sector.
“It’s yet another signal to all governments that ill-advised and short-sighted policy settings can seriously risk the strength and significant contribution of Australia’s resources and energy industry.”
The report shows 107 major resources and energy projects in Australia’s investment pipeline – either already committed or considered advanced – expected to enter production between the second half of 2024 and the end of 2029.
These projects are worth about $131 billion and are forecast to drive demand for around 26,810 new production-related jobs.
It lists 10 new projects for Queensland, four expansions and two reactivations either committed or likely to proceed between 2024-2029. Total estimated value is $13.2 billion.
The report notes that investments in continuity expansion projects that would not create new jobs – such as Caval Ridge and Ensham – were not included in the workforce demand forecasts.
In May 2024 Queensland’s resources and energy industry directly employed 77,900 people, the report states.
Mining commodities retaining their traditional strengths include coal (13 projects for 4836 workers nationwide), iron ore (eight projects for 4495 workers), gold (13 projects for 2830 workers) and critical minerals (14 projects for 3078 workers).
Mr Nott says AREEA’s report shows Australia remains an attractive place to invest in new resources and energy projects – for now.
“We cannot afford to stifle business and strangle the golden goose,” he says.