A survey by the Queensland Resources Council (QRC) involving 27 chief executives from resources companies has found that half plan to spend more in Queensland with their local supplier in 2018 and none plan to spend less. Twenty per cent of those surveyed said they planned to spend “significantly more”.
“Not one CEO surveyed said they planned to cut spending with local suppliers this year” said Ian Macfarlane, chief executive of the Queensland Resources Council. “That’s great news for business and jobs in regional Queensland.”
Macfarlane explained that resources companies spent $6.2 billion across 9000 businesses in 2017, with the resources sector providing one in every $6 for the Queensland economy.
The results of the survey follow similar findings from a report by the Productivity Commission in the previous year, with a stabilisation of resource prices leading to improved investment from company executives.
“What we’ve seen from the resources industry as resources prices stay stable, is a confidence in where the production is going and therefore a confidence among the CEOs about how much they can continue to spend in local communities,” explained Macfarlane.