The overall resources sector experienced a hike in royalties which amounted to $4.3 billion this financial year. With a boost expected from petroleum and minerals, the Budget foretasted further climb in total royalties next financial year up to a total of $4.5 billion.
These exceeded the State Budget’s projection of coal and total royalties of $2.4 billion and $3 billion, respectively.
Mining and Energy Services Council of Australia national manager Alex Stanojevic said the increased projections were a direct result of strong international demand for metallurgical coal and the stable prices for both metallurgical and thermal coal from Queensland.
Stanojevic said, “Every Australian should acknowledge that regardless of where they live that mining and resource royalties are reinvested by governments of all persuasions to pay for essential services such as hospitals, schools and roads.
“Without resource royalties Queenslanders would simply miss out on many essential services, it would be a much different place to live in.
“Its now time to once again look at how to maintain and increase the attractiveness of Queensland for further investment in resource projects.
“New projects are a five star way of stimulating the economy and creating jobs and supply opportunities for local businesses.
“It’s essential now that we simply get on with it.”
Coal royalties were projected to contribute $3.5 billion to the Budget in 2018-19.
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