Resource industry to save QLD economy: QRC

The Queensland Resources Council says the mining industry is ready to help turn around the Queensland economy.

The comments come after Queensland Treasury revealed the state's economy retracted by 0.2 per cent and 0.6 per cent over the September and December quarters of 2014.

Queensland Resources Council Acting Chief Executive Greg Lane said the slight recession underlines the difficult times for regional Queenslanders as resources investment has been winding down and the agriculture sector battles drought conditions.

“The resources sector is moving from an unprecedented construction cycle and moving into the production and export phase,” Lane said. 

Lane said that as 2015 unfolds, the state accounts will reflect the positive impact of exports from all three LNG projects.

“Even in the face of low commodity prices several Queensland resources sector companies stand ready to invest in new projects, new infrastructure and create new highly skilled jobs.

“These projects are well positioned to take advantage of significantly lower construction costs and are able to confidently target the bottom quartile of costs, building on the success of many existing operations in restoring their cost competitiveness.

“The critical ingredient for investment is business confidence and to date, the new Queensland Government has shown promising signs of understanding how fragile business confidence can be.

 “However, the significant fall in non-dwelling construction in the second half of 2014 is reflective of the urgent need for the next wave of projects to break ground.

According to Lane, new resource projects are about to pop up all over the state including in the Galilee Basin, the Darling Downs, the Bowen Basin and Cape York.

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