Money: Coal royalties will not be increased in next Queensland budget - - PressFrom - Australia
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MoneyCoal royalties will not be increased in next Queensland budget

03:25  30 may  2019
03:25  30 may  2019 Source:   brisbanetimes.com.au

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Coal royalties would not be increased in Queensland 's next budget “in exchange” for millions of dollars in contributions from mining giants to a regional infrastructure fund, Treasurer Jackie Trad has promised. Ms Trad, the deputy premier, said she met with "some of the biggest coal miners in

She also said coal royalties would not be increased in the next state budget on June 11, regardless of the coal companies' response to the funding request. Queensland govt wants coal miners to chip in to a new infrastructure fund for regional communities.

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Coal royalties will not be increased in Queensland's next state budget “in exchange” for mining giants’ contributions to a regional infrastructure fund, Treasurer Jackie Trad has promised.

Ms Trad said she had met with "some of the biggest coal miners in Queensland" on Wednesday to devise a strategy to boost regional infrastructure, without increasing the rate of royalties.

“I have put on the table a period of time in which royalties would not change here in Queensland in exchange for a bit of...a bit more of a contribution by companies into this fund,” Ms Trad said.

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“That maximises the royalties to the Queensland government. It maximises the profits to coal companies. It also allows decent wages to the workers. The Queensland Resources Council said it wanted “no surprises” in the budget . The QRC chief executive, Ian Macfarlane, said additional coal

It comes after Ms Trad promised coal royalties would not be increased in the budget "in Royalties and land rents were estimated to have pumped .36 billion into Queensland 's coffers in Economic growth was forecast to strengthen next financial year to 3 per cent and then drop 2.75 per

“So for a three-year freeze on any changes to Queensland's royalty regime but I want these companies to think about making an additional contribution through this fund to the regional communities in which they operate."

It is a move that could save coal companies as much as a billion dollars a year, Queensland Resources Council chief executive Ian Macfarlane said.

Mr Macfarlane welcomed the three-year freeze and said he would spend the next 24 hours speaking with about 150 gas, coal and mineral companies to decide whether to accept Ms Trad’s deal.

“It is the Treasurer's offer, we are prepared to consider it,” he said.

Coal royalties will not be increased in next Queensland budget© AAP Deputy Premier Jackie Trad said Queensland coal royalties would not increase in the next budget. He said if the Treasurer had have raised the rate of royalties by 2 per cent, it could have cost mining companies an extra billion dollars a year.

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Coal royalties will not be increased in this budget ," Ms Trad said on Wednesday. "But we want to set up a fund that will go to assist regional communities to deliver on infrastructure they have been crying out for for a while." The Palaszczuk government will contribute million to the 0 million fund, but

She also said coal royalties would not be increased in the next state budget on June 11, regardless of the coal companies' The company has forced the state government to rectify how much it pays in royalties from its coal seam gas production near Gladstone on the central Queensland coast.

So $70 million spread across the industry, over three years, was a massive saving even though Macfarlane says companies already give “tens of millions of dollars” to regional community groups.

The announcement comes days after Ms Trad said she would not speculate on a change to the rate of royalties before the June budget was handed down.

"We want to set up a fund that will go to assist regional communities to deliver on infrastructure they have been crying out for for a while. To get this fund started the government will contribute $30 million," she said.

Ms Trad said she hoped mining companies would chip in $70 million to bring the fund total up to $100 million, but stressed the contributions were “completely voluntary”.

"I want to put on record the fact that many mining companies already contribute quite significantly to the local communities in which they operate.

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Royalties , after all, are worth -3 billion to Queensland ’s Budget each year. This is not a straightforward decision for the Queensland Government. I have previously supported the mega mine, but I would be willing to test just how much Adani needs the royalties holiday to make the mine viable.

Soaring coal royalties have boosted Queensland 's budget bottom line by 0 million this financial year Queensland Treasurer Jackie Trad says increased coal royalties will be tempered by a fall in GST Although coal prices are expected to come off the boil in the next few years, royalties are still

"That is their social licence. But we know that regional Queensland is still doing it quite tough and we can make a bit more of a contribution if we work together."

Adani has until the end of June to settle its coal mining royalties agreement with the government in order for its controversial central Queensland mine to go ahead.

The level of mining royalties is set in each state budget. Ms Trad said the rate had not increased in seven years.

In May 2017, Adani reached an agreement with the Queensland government on payments for its Carmichael coal mine – ruling out “a royalty holiday”.

As late as last November, Ms Trad confirmed that Adani had not settled its agreement with the Queensland government over its payment of mining royalties.

Adani Australia chief executive Lucas Dow said all mining companies wanted was a "stable" mining royalties regime.

When asked whether the mine would still be viable if coal royalties were increased in the state budget, Mr Dow said: "Certainly our position would be that we think it would be unwise to increase royalties."

Opposition leader Deb Frecklington said the regional infrastructure fund was a dressed up mining tax, and Premier Annastacia Palaszczuk’s way of silently killing off new coal mines – even though contributions to the fund were voluntary.

“Queenslanders won’t be fooled by Jackie Trad, who today told the resources industry that her new mining tax was voluntary, but if they didn’t pay it, Labor will raise mining royalties anyway,” Ms Frecklington said.

“Queensland Labor is already getting an extra $1 billion dollar from coal royalties. They should be investing more of that into infrastructure.

“These mining companies are already bound by community service obligations and this is quite simply double dipping.”

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