Mining workers more financially stable: FCI

Workers in highly skilled industries including mining, science and technical industries are less likely to struggle to pay their bills than other industries, according to the Financial Consciousness Index (FCI) survey.

The FCI surveyed 3015 Australian workers on a range of factors that make a person financially conscious, such as financial sophistication and financial wellness and capability.

The survey identified that almost two thirds of workers in mining, science and technical services save 20 per cent or more of their income each pay cycle after paying bills.

The Queensland Resources Council (QRC) is aiming to show the economic and employment importance of the mining and gas industry to the state’s COVID-19 recovery with a four-week media campaign.

QRC chief executive Ian Macfarlane said this is in response to worsening economic conditions, as Queensland’s unemployment rate hit 8.8 per cent, the highest in the nation.

In the lead up to the Queensland state election, the QRC is emphasising the industry’s potential to speed up the sunshine state’s recovery.

“Resources offer incredible economic stability, jobs and growth,” Macfarlane said. “The Premier has acknowledged our sector is one of Queensland’s greatest strengths yet we’ve had barriers put in place by government to new investment and more jobs in the resources sector with little consultation or warning.

“Frankly, the time it takes to get projects moving in Queensland these days is ridiculous. We can be stronger and Queensland can be stronger but we need a shared commitment and unwavering support from the government.”

Macfarlane is calling on the Queensland Government to implement an industry development plan to strengthen the resources sector, get Queenslanders back to work and boost the economy.

The resources industry contributes $74 billion annually to the Queensland economy and supports 372,000 full-time jobs.

It also delivers the government more than $5 billion per year in royalty taxes.

“As a minimum, the resources industry is calling on the state government to streamline the regulation process and keep royalty taxes stable for the next 10 years to attract large-scale global investment,” Macfarlane said.

“Business as usual post COVID is not going to cut it.”

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