Developed petrol and gas projects may pump $98b into economy
A GAS and oil industry in overdrive could pump an extra $98 billion into the economy between now and 2035 if it is not crippled by costs.
The peak body for the sector, Australian Petroleum Production and Exploration Association, commissioned a report to further dig into information APPEA had compiled in June.
The group represents Australia's coal seam gas and liquefied natural gas industries, along with oil and petrol.
According to the Deloitte Access Economics analysis, if all potential petrol and gas projects could be developed, it could increase Australia's Gross Domestic Product by an extra $98 billion.
This higher rate of development would inject about $455 billion into the national economy over those 23 years, compared to $357 billion if little new money is spent by the industry.
The amount paid in taxes and royalties would also rise to $167 billion over the same period, up from a projected $134 billion if spending is restrained.
APPEA chief executive David Byers said growing costs for companies in Australia could send them offshore.
"The high cost of doing business in Australia at a time of increased international competition is making it much hard for Australia to win market share and attract investment," he said.
The LNG industry in Queensland alone has more than $50 billion of planned developments under construction off Gladstone.