QRC pans innovation strategy

THE federal government Industry and Innovation Statement is a “disappointing mix” of more spending, more bureaucrats, higher taxes and more regulation, according to the Queensland Resources Council.

Lou Caruana
QRC pans innovation strategy

The additional local content regulation proposed for the resources sector is based on a misplaced premise that Australian industry is not able to supply goods and services to resources sector projects, QRC chief executive Michael Roche said.

“In fact, the opposite is the case,” he said.

“In Queensland, the latest data for spending by minerals and energy (including gas) companies showed that in 2011-12, Queensland businesses supplied some $28 billion worth of goods and services to the sector.

“That's an almost 50% increase in just two years.”

Roche said analysis by the Minerals Council of Australia showed that in 2009, some $76 billion (88%) of the mining industry's $86B demand for goods and services was supplied by Australian business.

The MCA analysis showed that the majority of iron, steel and metal products used by the mining industry was locally supplied.

Roche said the evidence was clear cut that Queensland resource projects were overwhelmingly supporting local business.

“One example is QGC's Queensland Curtis LNG project that at September 2012 had invested $8.7 billion with Australian firms, or some 76 percent of the project's total investment of $11.4 billion,” he said.

“Importantly for the state's economy, Queensland businesses had received $6.1 billion of the QGC project's investment to date.”

Roche said that the QRC and member companies were proud of their track record of support for local businesses.

“Nevertheless, the QRC intends to build on the excellent local track record by rolling out a Queensland Resources and Energy Sector Code of Practice for Local Content.”


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