- Write by:
-
Monday, December 20, 2021 - 12:56:25
-
1673 Visit
-
Print
Mining News Pro - Queensland’s coal exports have delivered an extra $2.9 billion in royalties to the state’s budget, according to its mid-financial year update.
According to Treasurer Cameron Dick, Queensland has avoided the long lockdowns that have occurred in other states, and the latest budget update demonstrates the marked improvement in its economic performance since the budget in June.
Dick said the $8 billion increase in revenues was driven in part by a one-off surge in the value of Queensland’s coal exports.
“While this price surge is significant, Queensland Treasury advises it will be temporary,” the Treasurer said.
“We also expect the Commonwealth Grants Commission to penalise Queensland for these increased royalties in future years by reducing our share of GST revenue.
“So we are taking a fiscally responsible approach to this increase revenue by setting aside $2.5 billion as a buffer against adverse GST changes.”
Queensland Resources Council (QRC) chief executive Ian Macfarlane said the announcement that $2.5 billion of this royalty windfall will be invested in a long-term asset to earn more money for Queensland – with the remaining $400 million to fund essential government services – is a smart move by the State Government.
“I congratulate the Treasurer on his prudent decision to invest today’s royalty dividends to help fund Queensland’s future growth and development,” Macfarlane said.
“Queensland coal producers pay the highest royalty rates in the world, so it’s good to see these royalties being managed responsibly to maximise the benefits to Queensland in the long-term.
“Commodity price rises are a win-win for our sector and for every Queenslander – as prices go up, so too does the amount the resources industry automatically pays in royalties to the State Government.”
Macfarlane said the QRC is keen to hear more details about the purpose of the new investment fund and will advocate for resources communities to benefit from royalties generated in regional Queensland.
“Copper, aluminium and gold prices have also been very high this year, so other Queensland resources are also contributing to increasing state royalties,” he said.
Short Link:
https://www.miningnews.ir/En/News/617289
Barrick Gold faced criticism outside its annual general meeting on Tuesday in Toronto for supporting Malian rulers with ...
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
Anglo American faced calls from shareholders on Monday to detail plans for improving its value in order to fend off ...
Copper slipped after initially extending gains above $10,200 a ton as traders turned their attention to demand ...
BHP Group Ltd.’s proposal for Anglo American Plc to spin off platinum and iron ore units before a takeover would likely ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
Gold wavered as traders looked ahead to a week with a Federal Reserve rate decision meeting and key US jobs data.
Iron ore will average more than $100 a ton this year as the worldwide market remains tight, despite China’s property ...
Iron ore futures prices fell on Monday after weak industrial data in top consumer China and the completion of of ...
No comments have been posted yet ...