Queensland’s booming seaports continue to underpin the State’s economy and generate a significant number of jobs, according to a recently
Queensland’s booming seaports continue to underpin the State’s economy and generate a significant number of jobs, according to a recently released economic impact study.
The study found Ports Corporation of Queensland (PCQ) seaports were responsible for 4,368 jobs and contributed $1.14 billion to regional economies in the past financial year.
According to the study, the economic contribution of the ports equates to about .03 percent of gross state product while making up .02 percent of total employment in Queensland.
It found PCQ seaports generate over $230 million in household income.
The economic impact of the eight PCQ ports included in the study totalled $575 million of direct economic input and $565 million in flow-on effects.
PCQ’s biggest contribution was at Hay Point, where it generated $666 million and 2,592 direct and indirect jobs.
The ports generated 1,811 jobs through direct full-time employment in port-related businesses and another 2,557 in sectors including finance and business, wholesale and retail trade and manufacturing.
Minister for Transport John Mickel says the PCQ study shows the significant contribution PCQ ports make to the regional, State and national economy.
“In the past five years, there has been a 58 percent increase in the ports’ contributions to Queensland’s economy and a 36 percent increase in jobs generated,” Mickel says.
“Our regional ports generate widespread benefits that underpin a large proportion of Queensland’s export trade.”
The PCQ ports ship a range of bulk commodities including coal, sugar, molasses, silica sand, bauxite, zinc, live cattle and general cargo. Mickel says more than half of Queensland’s exports pass through PCQ’s ports.
“In the past financial year, throughput for all ports totalled 121.1 million tonnes,” he says.
“Their economic impact extends far beyond the waterfront and into every Queensland city and town with almost $230 million going to Queensland families through pay packets from port-related jobs at these ports alone.”
The economic impact study was conducted by economic research group EconSearch using a recognised Bureau of Transport Economics model which assesses the economic impact of ports.