The Queensland Resources Council has released a new campaign in opposition to the State’s controversial coal royalty system.
Late last year the QRC launched a $40 million advertising campaign, called Keep Queensland Competitive, in response to the royalty hikes. Yesterday QRC chief executive Ian Macfarlane indicated that the resource industry is backing the next phase of the campaign.
“Economists warned the new royalty rates would cost Queensland investment and jobs – and they have,” Mr Macfarlane said.
“The royalty tax hikes have already cost Queensland a new $2 billion investment which would have created more than 2000 jobs.
“Figures from Australian Government Department of Industry, Science and Resources reports show there is a pipeline of new projects worth more than $100 billion including investments in the minerals needed for renewables and lower-emissions technologies. Those projects could be at risk if Queensland continues with its uncompetitive royalty rates.
“When the investment rules change so drastically and so suddenly as they did when the world’s highest coal royalty was introduced in Queensland last year, that’s a wake-up call for investors in all resources projects who have reason to rethink whether Queensland is the best place to invest.
“Without new resources projects, there are no new jobs, which will impact every Queenslander in one way or another.
Queensland’s controversial three-tiered coal royalties system started on July 1, hitting producers with a 40 per cent tax on all coal prices of more than $300 a tonne.
The two accompanying tiers enforce a 20 per cent tax on coal above $175 and a 30 per cent tax on coal above $225, a reality that has left many majors pushing back on the proposal.