QRC lashes out at ‘political games’ on coal royalties

Peak industry body the Queensland Resources Council has slammed the Miles Government over its latest coal royalties move, accusing it of using the state's most important export industry to play political games. Treasurer Cameron Dick introduced the Progressive Coal Royalties Protection (Keep Them in the Bank) Bill 2024 into Queensland Parliament today. The bill means Parliamentary consideration would be required for any proposed changes that would lower progressive coal royalty rates. QRC chief executive officer Janette Hewson. "This legislation achieves nothing for Queenslanders, except to make our state even less competitive when it comes to attracting investment in the new resources projects that will drive future jobs and economic benefits," QRC chief executive officer Janette Hewson said. "It’s not just coal but all Queensland commodities, including critical minerals. "The State Government needs to focus on getting the right policy settings to re-establish Queensland’s reputation as a stable and reliable place to invest." She said the legislation announced by the government today sent a very negative message to the international investment community. "Once again, we have seen the Queensland Government make a significant change affecting the resources sector without any notification to, or consultation with, the industry," Ms Hewson said. Related: Government reveals plan to lock in coal royalty hike Mr Dick said the additional revenue raised from coal royalties, including the new tiers introduced in 2022, had allowed the government to invest more than $16 billion in critical economic and social infrastructure and essential services across all regions of the state, including in coal producing regions. Progressive coal royalties have also funded the $1000 rebates that every Queensland household will receive off their electricity bill from 1 July. The progressive nature of the royalty tiers meant they only applied during periods of high prices, when coal producers were benefiting from extraordinary returns, he said. Ms Hewson said the resources sector had always been willing to pay its fair share, but the royalties system must be fair and balanced for all parties and promote future investment in Queensland. "A healthy and strong resources sector is the best way to ensure the industry can support all Queenslanders in the years and decades ahead," she said. "The QRC is willing to work with all sides of politics to achieve the best outcomes for the industry and for Queensland. "

QRC lashes out at ‘political games’ on coal royalties

Industry Queensland

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