As economists predicted, since the Queensland Government increased coal royalties, without warning, to 5 x NSW, Queensland’s reputation as a reliable and competitive place to invest has been damaged.
As a result, more than two billion dollars of much-needed Queensland investment has already been cancelled*1 - at a cost of more than 2,000 jobs*2.
In addition, more than $100 billion of mining investment, including the minerals needed for renewable energy, may now be at risk.*3
Most Queenslanders want lower, competitive royalty taxes
Mackay residents know how important mining is to the State’s economic future.
That’s why an independent survey in the Australian Financial Review*4 showed a clear majority of Queenslanders want coal royalties to be competitive again, so mining companies and investment stay here in Queensland.
Because when Queensland is competitive, there is more investment, more projects and Mackay jobs are more secure and better paid.
SOURCES: *1The Australian, 8th Dec 2022; *2ABC, 8th Dec 2022; *3QRC estimations based on Australian Government Department of Industry, Science and Resources reports and *4Australian Financial Review, July 5th, 2023