The Queensland State Budget has missed a critical opportunity to ease pressure on the state’s resources sector, instead doubling down on the world’s highest coal royalty regime — a policy that threatens to fast-track mine closures, wipe out regional jobs, and jeopardise the future of Queensland’s most vital industry.
Coal Australia’s CEO Stuart Bocking said the Queensland LNP government’s decision to lock in Labor’s extreme royalty rates through to 2028-29 ignores the clear damage already inflicted on coal mining communities, the state and most importantly, Queenslanders.
Since former Treasurer Cameron Dick effectively declared war on Queensland’s coal industry, three mines have shut their doors — a stark warning of what’s to come
With many operations now on a knife’s edge, urgent reform to coal royalties is essential to prevent further closures, protect regional jobs, and restore investor confidence in Queensland’s future. If you raise royalties too high, it’s obvious there will be mine closures. Now that’s starting to happen
The Queensland Budget papers clearly show the impacts of investor flight and falling global competitiveness, even as coal producers are taxed more heavily.
Queensland’s mines are battling a perfect storm of declining prices, rising costs, and punishing tax settings that no other coal-producing jurisdiction in the world comes close to imposing.
No serious investor is looking at Queensland anymore — not with this royalty structure. The Queensland government has to adopt a more sustainable approach to royalties if we are to avoid further coal mine closures, more job losses, and communities put at risk
While Coal Australia supports the government’s recent commitments to streamline approvals and attract investment, Mr Bocking said those efforts must be combined with a reworked royalty regime that encourages investment, regional jobs, and helps to deliver the services that every Queenslander deserves.
Coal Australia is calling on the government to right Labor’s wrongs on royalties, consult with industry leaders, and commit to a sustainable framework that keeps Queensland competitive and Queenslanders in jobs.
Source: Coal Australia (https://www.coalaustralia.com/coal_australia_seeks_urgent_royalty_reform). Republished for industry awareness.
