Local Economic Impacts of an Unconventional Energy Boom: A Long‐Term Evaluation

The extensive development of the onshore gas industry in Southern Queensland over the past two decades has been an unprecedented event in Australia, positioning the country as a global leader in natural gas exports. This boom has also profoundly reshaped the economic landscapes of extraction regions, particularly across the Surat and Bowen Basins. Contributing to the limited literature on its socioeconomic impacts, this paper examines the industry's long‐term effects by analysing economic data from 2011 to 2021 and comparing it with trends from the preceding decade. While the initial gas boom (2001–2011) drove income growth and employment, our findings indicate that economic benefits in the following decade have been lower. Mining employment declined as operations became less labour‐intensive, while income growth in extraction regions has not been particularly better than in other regions in the state. Additionally, we find no significant spillover effects on other sectors, underscoring constraints on broader economic diversification. Agriculture, particularly in the Surat Basin, has remained persistently less significant to local economies than pre‐boom levels, with a lower capacity to generate employment. Understanding these trade‐offs is essential, as regional prosperity hinges on the ability of non‐extractive industries and communities to adapt post‐boom. Long‐term evaluations such as this are critical to tracking regional economic transitions and assessing the lasting impacts of industry development, informing policy strategies that balance economic benefits with environmental and social costs.