The Queensland Resources Council (QRC) has welcomed a commitment from the Liberal National Party to keep the rate of royalties on the Queensland resources industry stable for the next five years.
Speaking from Mackay, QRC Chief Executive Ian Macfarlane said LNP Leader Deb Frecklington has responded to the industry, union and small business calls for no change in rates of royalties to provide investment and employment certainty for the resources sector in Queensland, which already supports the jobs of more than 315,000 Queenslanders.
The QRC has secured the commitment that if the LNP win the next State election in October next year that royalty rates will be stable for that first four-year term.
"I welcome the commitment of the LNP. They have listened to business, workers and resource companies and they have responded.
"The commitment from Deb Frecklington today is a commitment of confidence in the resource sector, in resource communities and most importantly resource jobs.
"Annastacia Palaszczuk and Jackie Trad need to match that commitment.
"The resources industry will already pay the Palaszczuk Government a record $5.3 billion in royalties this financial year. We remain concerned Treasurer Jackie Trad will increase royalties in the State Budget on 11 June as part of an anti-mining agenda.
"An increase in royalties undermines new and existing jobs. The CFMEU knows that and they have called on the Palaszczuk Government to rule out royalties increases.
"A royalty increase undermines investment and saps confidence in those 14,000 Queensland businesses who supply the resources industry. The Mackay-based Resources Industry Network knows that and they too have called on the Palaszczuk Government to rule out increases."
A survey of more than three quarters (77%) of resource company CEOs, released before the Federal election, found that uncertainty about Queensland Government royalty rates affected the likelihood of their projects proceeding.
