The resources sector is looking for clarity to commit to the Queensland industry.
The newly released State of the Sector report shows Government policy and regulatory uncertainty are the biggest concerns for the state’s resources sector.
The report was put together by the Queensland Resources Council (QRC).
The report showed up threats to new investment and jobs the QRC said.
The QRC members surveyed said they remained confident about continued strong demand for Queensland’s commodities QRC Chief Executive Officer Janette Hewson said.
“As the State Election approaches, our message to all political parties is that balanced, stable and consistent policy settings are critical to securing the investment that will ensure the resources sector can continue to underpin Queensland’s economic prosperity in the decades ahead,” Ms Hewson said.
“The global energy transition is presenting new opportunities for all Queensland’s resources, from coal, gas, metals and critical minerals.
“56 per cent of member company CEOs believe the global decarbonisation transition will lead to increased and sustained demand for Queensland commodities, including steelmaking coal which is used for wind turbines, solar panels and electric vehicles.”
The QRC was calling on all political parties to listen to industry concerns for direction Mrs Hewson said.
“The royalties increase has added to rising operating costs, which have been identified by member companies as another significant concern for the industry,” Ms Hewson said.
“It’s not just coal producers who are expressing concerns, but QRC member companies involved in other commodities say the sudden policy change has significantly increased the risk in making such large investment decisions.”
“71 per cent of non-coal company CEOs say concerns over royalties have decreased the likelihood of new projects.”