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Black coal delivers a Queensland Resources Council budget in the black

Coal News - Published on Mon, 17 Dec 2018

Image Source: World Coal
The record returns from the resources industry to the Queensland budget show the importance of continued exploration and investment in new projects to keep the budget in the black, the Queensland Resources Council (QRC) said. QRC Chief Executive Mr Ian Macfarlane welcomed Treasurer Jackie Trad’s budget update, showing record returns from coal royalty taxes. “Queensland’s black coal is putting the Queensland budget in the black. Resources investment keeps Queensland’s economy firing on all cylinders and keeps the budget out of the red. Without resources royalty taxes, in particular from black coal, the budget surplus of USD 524 million would be a budget deficit of USD 4.6 billion.”

Returns from coal royalty taxes are now at a new record of USD 4.26 billion, up more than USD 700 million on the USD 3.52 billion forecast in the budget. For the period to 2020-21, coal royalty taxes have been revised up by USD 1.8 billion. Overall, Queenslanders will receive a record USD 5.12 billion in royalty taxes from the entire resources sector in this financial year.

Mr Macfarlane said said that “This is no short-term sugar hit. Our resources sector has a long-term future that will deliver benefits for Queenslanders now and for decades into the future. The world needs our met coal, which builds modern cities, cars, homes and solar panels. The world needs our cleaner thermal coal, which burns more efficiently and with a lower ash content than coal from other nations. And the world needs our LNG and minerals such as bauxite and zinc.”

He said that “This record return from the resources industry equates to the annual salary of more than 71,000 beginning teachers or more than 70,000 first year constables or more than 72,000 registered nurses. It can build roads, school and hospitals and invest in regional infrastructure.”

He added that “But we can’t take this success for granted. We must ensure an ongoing pipeline of resources projects, through stable regulation and stable royalty tax rates, and through ongoing exploration and development of new projects and new resource provinces including the North West Minerals Province and the Galilee Basin. While we welcome changes to the GST formula that recently went through the Federal Parliament with bipartisan support, the fact remains that Australia’s resources states are doing the heavy lifting.”

He further added that “Queensland props up our southern neighbours who refuse to develop their resources and who keep their gas locked in the ground. The free ride can’t last forever. Queensland is a resources superpower. We are proud of the role our resources sector plays in creating a stronger, more prosperous Queensland. Our sector employs more than 316,000 people, it creates 1 in every USD 5 for the state and it benefits 14,200 local businesses.

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Posted By : Rabi Wangkhem on Mon, 17 Dec 2018
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