Queensland has one of the best resources industries in the world. For generations it has paid billions of dollars in taxes and royalties, helping pay for schools, hospitals, emergency services and major infrastructure projects. All of which have helped make Queensland prosperous and the envy of many other states.
Given its economic contribution to QLD, the resources industry is one that has been well managed for decades by Governments from all sides – until now.
When the Palaszczuk Government broke its own election promise and, without warning or consultation, introduced the world’s highest coal royalty tax - significant damage has been done to our nest egg.
Queensland’s reputation as a safe and reliable place to invest has been damaged around the world.*1
Billions of dollars of investment has been cancelled*2, frozen*3 or placed under review.*4
And this includes investment in projects that provide resources for batteries and renewable energy.*5
And already at least one project worth over two billion dollars and promising thousands of jobs has been cancelled.*2
This was short-term thinking for short-term gains.
It’s time for the State Government to stop damaging the industry that’s vital to Queensland’s future.
SOURCES: *1The Australian, November 23, 2022; *2The Australian, December 8 2022; *3ABC, August 17 2022; *4AFR, June 22 2022 and *5QRC estimations based on Australian Government Department of Industry, Science and Resources reports.