QLD mining boom ‘far from over’
Queensland's mining boom is far from over, according one industry analyst, with a bright future still ahead for the state's resources projects.
Ian Harper of Deloitte Access Economics told the Brisbane Times the state is just changing gears, moving from an investment to export phase, which is resulting in a short-term downward trend.
His comments came as the organisation's annual Queensland index revealed several of the state's big hitters had losses in the hundreds of millions of dollars.
This included Discovery Metals and PanAust, both of which dropped more than half a billion dollars last year, while Maverick Drilling and Exploration saw $330 million disappear.
"The export phase is just starting to pick up and that is slated to last for decades," Professor Harper confirmed.
"The real economy is slowing but we are not talking about recession but the gear shift from phase one to phase two."
While Professor Harper admitted the mining sector is experiencing a slump, he predicted companies should begin seeing an improvement later this year.
The big-spending days may be behind the state, he added, but mining will continue to be Queensland's primary contributor for the next few decades.
Deloitte is also expecting a recovery in the non-mining sector, with public consumption and construction underpinning resources to help reduce the 'two-speed' economy gap.
"We are reverting to a one-speed economy. Resource-related industries will be growing more slowly while non-resources industries are growing faster than in previous years," Professor Harper commented.
"The two-speed phenomenon is starting to disappear."
The professor's assurances did not stop there, with the expert also highlighting the potential for the Australian dollar to normalise in value over the coming years.
One of Queensland most historically important sectors – tourism – will also experience resurgence, while the state's economy in general is forecast to be strong.
This is largely due to its economic ties to the burgeoning Asian middle classes, Deloitte noted, which is likely to bode well for the Queensland investment property market.
"There is no sign of a recession for the next few years, according to the IMF," said Professor Harper.
People considering an investment property purchase in Queensland may want to review an upcoming project in Gladstone for opportunities in the area.
Federal minister for innovation Kim Carr and minister for skills Brendan O'Connor announced the opening of a $21 million energy training centre at the Gladstone campus of the Central Queensland Institute of TAFE.
More than 140 additional resources and energy trainee places will be created through the initiative, as well as 67 construction jobs during the building phase.
"The project has been designed to respond to regional demand for skills, particularly the $60 billion worth of coal seam gas to liquefied natural gas projects around Gladstone," Mr O'Connor said.