Deloitte Access Economics’ September 2018 business review forecasts Queensland’s LNG industry for an economy that is now “well and truly through the gloom years” of the mining investment downturn.
Queensland’s LNG sector produced its first billion-dollar export month in November 2017, when $1.1 billion in gas was exported.
This good news is foreshadowed with frustrating “higher than national average” unemployment figures and high energy costs, the report notes.
“Things are so good that gas is on track to overtake coking coal as Australia’s second-largest resource export this financial year,” the Deloitte Access Economics monthly review says.
“The majority of Australian LNG is sold under oil-linked contracts, meaning that the price of these contracts is lifting in line with the oil price,” the report notes.
The Committee for the Economic Development of Australia in October 2018 noted the Queensland government should expect $286 billion from liquid natural gas over the next 15 years.
“We expect an increase in Queensland’s gross state product of $427 billion from now until the period to 2035.”
“Over that same period we expect the Queensland government to receive $286 billion in revenue from the LNG revenue.”
Almost all of Queensland’s liquefied natural gas is exported from three plants on Curtis Island in Gladstone run by the Australian arms of three multinational companies, Shell, Origin Energy and Santos