Sep 12, 2021At Home

How QLD’s going for gold with gas

The gas industry is going to a big deal for the Queensland economy.

A new report forecasts the industry will inject up to $129.3 billion to the Queensland economy over the next 20 years. That’s 10 times the revenue expected to be brought to the Sunshine State by the Brisbane Olympics in 2032.

Let that sink in. 10 Olympics. The total of combining the games of Tokyo, Rio de Janeiro, London, Beijing, Athens, Sydney, Atlanta, Barcelona, Seoul, and Los Angeles, taking us back to 1984.

Numbers like these can be difficult to visualise. Here’s a few more approximations of the figures that might help.

  • Equivalent to $24,937 for every Queenslander
  • 8 billion Subway footlong meatball subs
  • Enough to produce hit movie sequel 2Fast2Furious 1,254 times

The demand for gas in the state is on a rapid rise and with the right settings, the gas industry will be an economic and employment tent pole for the Queensland economy.

In the last 10 years, the oil and gas industry has added $106 billion to the Queensland economy, or 3% of the state’s economic output. It’s also employed 36,000 full time workers and paid $13 billion in tax.

Check out the full report here.