QRCís economic contribution data
|Where does QRCís economic contribution data come from?|
|At the end of each financial year, the Queensland Resources Council (QRC) asks our members to open their books and give us information on their spending for the year. We take this confidential company information and build up a uniquely detailed picture of Queenslandís largest export industry. The data allows us to track spending to the postcode level and show where resource spending benefits virtually every part of Queensland.|
How are the numbers calculated?
Each yearís report explains the methodology, but to spare you the technical details, there are two main sources of information Ė direct and indirect.
1. The direct spending are the actual financial records of QRC members Ė when they pay an invoice, that spending is measured.
2. The indirect figures are the result of careful economic modelling to estimate how much extra regional activity is generated by the direct spending.
So, if a company buys a new ute from the local car yard, (ie direct spending), then the car dealer has extra income (ie indirect spending). Similarly, when an employee is paid their wage (ie direct spending), they might use it to pay to have their house painted (ie indirect spending). We canít collect data on the indirect spending, but that spending is very important to regional economies, so instead we rely on state-of-the-art economic modelling to estimate it.
|Each year, QRC collects a full year of confidential industry spending data and then has an independent expert run detailed economic models. Read the Lawrence Consulting economic report to understand how the sector benefited every corner of the Queensland economy in 204/15. |
The executive summary is available for download below. The full economic report is expected to be released in early November 2015.