RESOURCE ROYALTIES: Treasurer rules out 10-year freeze.
RESOURCE ROYALTIES: Treasurer rules out 10-year freeze.

Treasurer reveals resource royalties plan

TREASURER Cameron Dick has ruled out a 10-year resources royalty freeze during a visit to Mackay and the Bowen Basin.

Mr Dick said the Palaszczuk Government would not commit to the request after repeated calls from the Queensland Resources Council for Labor to match the LNP’s pledge 12 months ago.

It comes after the government committed to a five-year freeze for new petroleum royalty arrangements on Monday.

QRC chief executive Ian Macfarlane said the resources sector had been paying more than $5 billion in royalties to the Queensland Government to reinvest in services and infrastructure for all Queenslanders.

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“The last royalty increase, under the Newman Government in 2012, compounded the regional impact of a global downturn in commodity prices and led to a significant reduction in resource investment and jobs,” Mr Macfarlane said.

Queensland Treasurer Cameron Dick. Picture: News Corp/Attila Csaszar.
Queensland Treasurer Cameron Dick. Picture: News Corp/Attila Csaszar.

Mr Dick said he had already signed off on the $100 million Resource Community Infrastructure Fund, which gives mining companies the certainty of no royalty increases for three years.

“The Queensland Resources Council should of course advocate for their members to the state government – that’s their job,” he said.

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“But we won’t be committing to a 10-year royalty freeze.

“What I will commit to is continuing to work closely with the resources sector, which is exactly what I am today as I visit Mackay and the Bowen Basin.”


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