The Queensland Resources Council has welcomed the Palaszczuk Government’s offer to freeze the rates of royalties on coal and minerals for three years.
The LNP has already promised to freeze royalty rates until October 2024.
The QRC will now ask its member companies to consider the Government’s offer along with their request for the resources industry to contribute $70 million to a Regional Infrastructure Fund over 3 years.
QRC Chief Executive Ian Macfarlane said increasing royalties would be increasing taxes and an attack on the resources sector that supports one in eight jobs in Queensland – the equivalent of 315,000 full-time jobs.
“The Palaszczuk Government is already on track to receive more than $5 billion in resource royalties this financial year – a record and almost $1 billion more than they expected from their current budget.
“Any increase in royalty taxes is a disincentive for investment in regional areas and would mean lost job opportunities for all Queenslanders.
“The industry will respond to the Government on its proposal as soon as possible.”