Queensland’s coal industry is making a record contribution to the State Budget to deliver funding for Queensland infrastructure and vital services, like health and education, Queensland Resources Council Chief Executive Ian Macfarlane said.
Mr Macfarlane said the resources sector was delivering for Treasurer Jackie Trad’s first Budget with coal royalties a record $3.768 billion for 2017-18 and overall royalties including minerals and LNG climbing to $4.327 billion. The Budget forecasts total royalties to increase to $4.458 billion in 2018-19 with a boost in royalties expected from petroleum and minerals. Coal royalties are projected to contribute $3.522 billion in 2018-19.
The 2018-19 Budget royalties windfall for the Palaszczuk Government is much greater than the Budget handed down last year, which projected coal royalties to be $2.432 billion and a total royalties of $2.989 billion.
“I’m pleased to say those high-vis workers are the highlights in the Budget. The 280,000 men and women working in the resources sector are delivering for five million Queenslanders,” he said.
“Every Queenslander – regardless of where they call home – shares in the wealth of the sector through royalties paid to the Government. These royalties go to schools, hospitals and roads in the south-east of Queensland.”
“On top of the billions of dollars in royalties paid by the sector, resources jobs continue to be a mainstay of employment and economic growth in Queensland, ensuring that every Queenslander benefits from this great industry.”
“If the sector is to continue to deliver for Queenslanders it needs certainty and I thank the Treasurer for her commitment to not change royalty rates in this Budget and call on Ms Trad for an ongoing commitment to royalty stability.
The Queensland resources sector now provides one in every $6 dollars in the Queensland economy, sustains one in eight Queensland jobs, and supports more than 16,400 businesses across the State – with almost 7000 businesses in the Greater Brisbane region – all from 0.1 percent of Queensland’s land mass.