21 Jun 2022
Media Release: Oil and gas royalty billions more than double in big boost to QLD Budget
Australia’s oil and gas industry will deliver almost $6 billion of royalties to the Queensland Budget over the next five years, providing a direct benefit to the community from Queensland’s LNG export projects.
Revenue from the sector is set to more than double over the forward estimates to $5.9bn from $2.7bn forecast last year – the equivalent of providing healthcare for more than 150,000 Australians every year, or building 60 new schools.
Australian Petroleum Production & Association (APPEA) Queensland Director Matt Paull said today’s State budget showed the state was continuing to benefit from its investment and long‑running support of the oil and gas industry.
“With oil and gas royalties surging and now set to deliver the Queensland Government over $1 billion a year going forward, Queenslanders will benefit from the state’s backing of the sector through vital new public services and infrastructure,” Mr Paull said.
“As big as these numbers are, our economic contribution is far greater than just royalty figures – directly supporting over 30,000 jobs across Queensland’s gas industry supply chain, facilitating regional growth and delivering safe and reliable energy to homes and businesses.
“Recent east coast energy system pressures have highlighted the importance of gas in a cleaner energy future and particularly the Queensland industry, providing supply to southern states, replacing coal as a lower emitting fuel and stabilising renewables when the sun doesn’t shine and the wind doesn’t blow.
“Our industry can provide this energy security to Australians because the Queensland Government has done the sensible thing and diversified its energy supplies and supported growth in natural gas and LNG for more than a decade.
“This shows there are very real benefits from a strong export industry, which has also underpinned extra domestic supply.”
Mr Paull also welcomed a new $68.5 million investment in the Queensland Resources Industry Development Plan (QRIDP).
“It is good to see the state continuing to think about the future and investing further,” he said.
“Our industry will be investing in the future, too, and will continue to work constructively with the Queensland Government to support delivery of its emissions reductions goals.”
To view the media release as a PDF, please click here.