Time to reap the benefits of supporting Asia’s continued growth

Queensland has a front-row seat in the economic transformation of Asia, says Whitehaven Coal managing director Paul Flynn.

Whitehaven Coal's Daunia mine in Queensland's Bowen Basin.

The 21st century will be remembered for the Asian economic revolution, when billions of people were lifted from poverty through the development of the world’s most populous region.

Queensland’s world class resources sector is playing a leading role in supporting this remarkable chapter in human history, with fast growing economies across Asia relying on Queensland’s energy exports and our high-grade coals from the Bowen Basin to make steel.

Metallurgical or steelmaking coal is Queensland’s biggest export, worth nearly $50bn in 2024, and the coal industry contributes 22 per cent of Queensland’s gross regional product. It is shipped to countries like Japan, India, Vietnam and South Korea.

Whitehaven Coal managing director Paul Flynn

Asia is at the centre of coal consumption growth and the ongoing expansion of steel demand. Asian seaborne demand for steelmaking coal, which the Bowen Basin produces in abundance, is expected to continue growing until at least 2050 as countries like India industrialise and urbanise.

Queensland is a trusted, long-term economic partner in the Asian region and we can continue to play a vital long-term role – provided we manage our resources responsibly.

There’s stiff competition from other metallurgical coal suppliers, including Russia and Mongolia. To sustain our market share, it’s essential Queensland’s exports remain competitive.

This starts with the Queensland government getting the regulatory settings right. We must ensure the planning and approval process for new metallurgical coal mines is transparent and efficient, so project developers don’t waste time and money through complex approvals processes.

Queensland’s resources belong to its people, so it’s appropriate that miners pay a royalty to the state.

Whitehaven Coal's Blackwater mine in Queensland's Bowen Basin.

Producing commodities is a cyclic business where prices go up and down. Miners take all the risk, investing billions of dollars. If the government wants mining companies to carry this risk, then it needs fairer royalty regulation.

Queensland has a front-row seat in the economic transformation of Asia. We are a trusted, reliable partner. We can reap the benefits of supporting Asia’s continued growth through the supply of our abundant and valuable resources.

That will be achieved by focusing on the long-term interests of the state and the region. It’s an exciting time for Queensland, if we get this right.

Originally published as Time to reap the benefits of supporting Asia’s continued growth