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28 June, 2021

Locals fill State coffers

MINING royalties and taxes from the Mackay, Isaac and Whitsunday regions have paid for a large slice of the Queensland Government’s budget.

QRC chief executive Ian Macfarlane

Queensland Resources Council (QRC) chief executive Ian Macfarlane said Queensland’s $82.6 billion resources industry provided $4.5 billion to the state government in royalties and taxes.

“Queensland mining has also supported jobs for 420,000 people across the state and these job opportunities will continue to in- crease over the next 12 months,” Mr Macfarlane said.

“This is something we’re very proud of, and we hope the people of Queensland are too.”

Mr Macfarlane said total state mineral royalties are forecast to grow by 61 percent over forward estimates, which is great news for the resources sector and the state economy.

“This strong growth is most pronounced for Queensland top ex- ports, coal and LNG,” he said.

“The numbers speak for them- selves in Queensland’s budget papers, as we see economic growth recovering and workforce participation and job creation continuing, largely due to the resources sector’s enormous contribution to this state.

“Strengthening export prices across a range of key resource commodities – from coal to aluminium and zinc, and everything in between – is more good news because any revenue growth which automati- cally increases the amount of royalties paid by resources companies directly to the government.”

“On top of that, across the forward estimates to 2024-25, Queensland Treasury has projected petroleum royalties will increase by 110 percent and coal royalties by 69 percent.

“Key prices for Queensland metals prices have also recovered to above pre-pandemic levels, with mineral royalties projected to re- main steady over the forward estimates.”

Mr Macfarlane said future growth in Queensland’s resources sector will include blueky opportunities from the rapid growth of renewable energy combined with the steady demand for Queensland’s traditional energy exports like gas and coal.

He said it was essential for the Queensland Resources Industry Development Plan, is in its community consultation phase, to focus on growth opportunities for the sector.

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