The Queensland Resources Council (QRC) has expressed concern over new coal royalties legislation, stating it undermines Queensland’s competitiveness and poses a risk to the state’s economic security. The Bill, introduced by the Queensland Government in May 2023, mandates that any future reduction in coal royalties must be legislated, limiting future governments’ ability to make flexible tax decisions.
QRC CEO, Janette Hewson, criticized the lack of industry consultation and warned that the new tax framework sends negative signals to international investors, risking job losses and reduced investment in the state’s critical export industry, including coal and other minerals. Hewson emphasized that balanced policies are essential to maintaining Queensland’s economic stability and supporting its resource sector.
Hewson highlighted a decline in coal project investments, with the state’s coal capacity pipeline shrinking significantly over the past decade. Despite government claims of rising exploration expenditure, the QRC pointed out that increasing costs are driving up spending, without corresponding increases in exploration activity.
With the resources sector contributing nearly AUS$117 billion and supporting over 530,000 jobs in the 2022-2023 financial year, the QRC urged the government to work with industry leaders to foster long-term policies that attract new investments. As global demand for resources continues, Hewson stressed that Queensland must remain competitive to secure its share of future opportunities.
