Queensland expects LNG exports to help double economic growth in the Australian state to an 11-year-high of six per cent, Treasurer Tim Nicholls said on Tuesday.
“In 2015-16, the ramp up in LNG production is expected to underpin a surge in exports which, combined with an improved domestic economy, is forecast to boost economic growth to an 11 – year high of around 6%. This will be the highest in the nation, ” he said.
“ The Queensland economy is of course in a period of transition as the investment phase of the large LNG projects nears completion and the production and export of LNG begins. The transition is, in effect, the quantitative handbrake that constrains the headline growth rate in 2014-15 ,” according to Nicholls.
Currently, there are three LNG export projects being built on Curtis island, Queensland. The QCLNG project operated by BG Group, Santos GLNG and Conoco’s APLNG project.