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ECONOMIC CONTRIBUTION OF THE AUSTRALIAN REFINING INDUSTRY

The Australian refining industry is a significant contributor to the Australian economy providing direct and indirect economic benefits from its own activities and underpinning the competitiveness of key Australian export industries.

Economic modelling by KPMG Econtech found that the downstream petroleum industry directly contributed 0.5 per cent of GDP or $6.2 billion per annum. This contribution to GDP is two-thirds the contribution of the textiles, clothing and footwear industry and twice that of the forestry and fishing industries.

Each refinery is a significant economic contributor to their local region directly and indirectly providing some 3500–4000 jobs, with many concentrated in the local areas and in the supply of goods and services to the refinery.

As a technologically advanced industry, refineries employ and train many highly skilled, technical staff. International expertise flows readily into the Australian refinery workforce. There are also many 'spill-over' effects into other industries through the transfer of technical skills and expertise to other businesses.

The Australian petroleum refining sector underpins the competitiveness of other key Australian export industries – 48 per cent of all petroleum products by value are used in the agriculture, forestry and fishing, manufacturing, mining and transport industries. Petroleum products make up a significant portion of the intermediate input costs of key industries – 27 per cent in air transport, 19 per cent in road transport and around 12 per cent in various mining activities.

The full KPMG Econtech Report is available through the following link:

KPMG Econtech Report – Economic Contribution of the Australian Refining Industry

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