The Queensland Resources Council (QRC) believes the Queensland Government continues to undermine the resources sector’s economic output by prioritising coal exportation in the 2025 State Budget.
CEO Janette Hewson says the government will need to develop a long-term plan to encourage capital investment rather than simply using the resources sector to fund debt momentarily.
“Resources sector royalties allowed the governments to support Queenslanders through measures like 50 cent bus fares and energy rebates as well as helping fund the hospitals, roads, police and public services we all rely on,” Hewson says.
The budget saw the total resources royalties dropping almost $5 billion in the 2025 financial year.
Furthering its forward estimates to 2028-29, Queensland is hoping to bolster coal exportation after a recent roundtable that discussed freight efficiency measures to strengthen ties with international trading partners, as reported by Mining.com.au.
The QRC believes this poses a threat to local miners, as lower coal prices continue to reduce the overall resources revenue amid rising operational costs.
“It’s concerning to see the Government extend current royalty rates in the forward estimates to 2028-29,” Hewson adds.
“Moves to streamline approvals and recent comments from the Queensland Government about opening our state up for business have been welcomed by industry, but the groundwork must be laid with supporting policies and fairer taxation to regain investor confidence.”
The Queensland Treasury reported that coal injected $71.8 billion into the state’s economy across 2021-22, maxing out 70% of total resources exports.
As of yesterday (25 June), coal has seen a monthly increase of 6.18% to US$106.60 ($164.02) per tonne.
Write to Maddison Elliott at Mining.com.au
Images: Queensland Resources Council
