The Queensland Resources Council (QRC) called for the state government to stand-up for the resources sector and to acknowledge coal’s fiscal value to the state budget and the thousands of coal workers who help deliver the royalties.
QRC Chief Executive Ian Macfarlane said the Mid-Year Financial Economic Review (MYFER) yet again showed resources, especially coal, underpin the budget.
“Coal royalties are expected to reach $414 million above the 2017-18 budget forecast or $3.16 billion forecast over the financial year. Revenues from all resources including coal, gas and metals not only pay the wages of teachers, nurses and police they build the schools, hospitals and police stations,” Mr Macfarlane said.
“The extra coal royalties alone would pay for the North Queensland Stadium ($250 million), four schools such as the new state school at Caloundra South (4 x $34 million) and three police stations in the regions (3 x $8.3 million).
“For the second year in a row resources have delivered an early Christmas present for the government and all Queenslanders. When the resources sector is doing well, the entire Queensland economy benefits.
“The sector continues to be a mainstay of employment and economic growth in Queensland, ensuring that every Queenslander benefits from this great industry.”
Last financial year the sector generated $55.1 billion in economic prosperity for the state and achieved this contribution while using only 0.1 per cent of Queensland’s land mass.