Gas sector set to boost QLD economy: QRC

An aerial view of the APLNG Project on Curtis Island.

An aerial view of the APLNG Project on Curtis Island.

The Queensland Resources Council has said the sector is ready to partner with the Queensland Government to help boost the economy in light of poor outlook figures released by Treasurer Curtis Pitt.

Data from the 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 it underlines the difficult times for regional communities 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,” Mr Lane said.

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

“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,” Mr Lane said.

“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, Mr Lane added that the 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.

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