The coal organization irritated by the tax hike

Queensland Treasurer, Cameron Dick. Photo: Supplied

Marty Silk, AAP and Staff Writers

Queensland’s leading mining sector body has claimed the Palaszczuk government’s decision to raise coal royalties in the next state budget could put regional jobs and mining projects at risk.

Queensland Resources Council chief executive Ian Macfarlane said tax increases could impact the financial viability of resource projects.

“Rising royalties, almost overnight and without warning, will have a negative impact on foreign investment and confidence in our industry,” he said.

“New resource projects – and plans to expand existing ones – could be put on hold, regional economies will start to slow down and it will be regional Queenslanders who will pay the highest price.”

Mr Macfarlane said the resources sector’s total economic contribution to Queensland’s economy in the previous financial year was $84.3 billion, including $2.5 billion in royalties paid to the Queensland Government. ‘State.

“This year, companies will contribute more than three times as much in royalties – an increase of $6 billion in one year – because commodity prices have gone up. We will pay a record $8 billion in royalties – the highest amount ever paid to a Queensland government – ​​because when commodity prices rise, so do royalties,” he said.

Mr Macfarlane described the decision to raise taxes as a “broken election promise” by the Palaszczuk government.

However, Queensland Treasurer Cameron Dick has been adamant on his 2020 election promise that no new or increased taxes will be imposed on voters, not businesses.

Mr Dick is set to lift taxes on gambling companies and coal miners in next Tuesday’s Queensland Budget after promising no new or increased taxes in the last election.

“We have not made any promises to businesses here in Queensland, Australia or the world,” Mr Dick said.

“We certainly haven’t made any promises to the big offshore betting companies based in tax havens like the Isle of Man and other areas.

“We made the promise to the people and we kept it.”

States and territories do not collect income tax, which is a responsibility of the federal government, so it is unclear which taxes on voters Mr Dick was promising not to change.

He promised that $35.5 million from higher tax revenues will be invested in the Institute for Translational Research, to help local companies develop breakthrough technologies such as vaccines.

“Transforming brown craftsmanship into brown commercial products,” Mr. Dick said.

Mr Dick already announced in April that car registration and charges would rise by 2.5% in 2022/23, following a 1.7% rise in the current financial year.

The government will also pocket interest income on tenant bonds.

In return, the Treasurer promised to cut $14.50 from monthly household electricity bills, which are expected to rise by at least that amount starting in July.

The state government will fund a new $750 million integrated cancer center at the Royal Brisbane and Women’s Hospital, and set aside $200 million for new roads, sewage systems and other infrastructure in the southeast of the state to stimulate new housing developments.

Public high school students are to have access to free periodicals, while $72 million will go towards a new aeromedical center at Brisbane Airport.

A further $35 million will go towards feasibility studies for pumped hydro storage projects and $13 million will be invested in the National Battery Testing Center at Queensland University of Technology.

In total, Mr Dick expects to spend around $1.5 billion more than the government earns in its 2022/23 budget, around $900 million less than the deficit he forecast there. at six months.

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