Tag: Coal royalties
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Peak body issues ‘call to arms’ amid coal royalties fight
A call to arms has been issued by a resources sector peak body amid an escalating coal royalties stoush with a the state government. Resource Industry Network has urged its members to join the fight against Queensland’s “unsustainable” royalties scheme, highlighting the plight of businesses caught in the coal industry “crisis”. In a newsletter, the…
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Why cancelling Splendour is just more proof that our economy is in Dire Straits
While sections of the Queensland economy continue to show signs of strength, consumers, particularly the young ones, have given up. Not even Taylor Swift could lift Queensland’s consumer out of the doldrums, like she did in southern states where her concerts were held. In February, while other states enjoyed a lift in retail sales via…
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How Labor has cleverly wedged the mining industry over $15 billion royalties grab
In political circles, it’s called being wedged. The headlines have been running for months about how BHP, which has led a mining industry revolt against the State Government’s audacious increase in coal royalties, had ruled out further growth investment in Queensland because the royalty increases made it less attractive compared with other jurisdictions. That sounds…
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Govt confident the WA precedent means it will keep coal royalty benefit
Up to $13 billion in royalties has been estimated by the industry as the State Government’s take from the new royalty regime. But in previous years when mining booms have generated a huge take for the government, much of the benefit had been lost because of the way the GST is distributed so that the…
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War in Ukraine responsible for half the jump in local coal profits, says left leaning think tank
The research comes as the Federal Government plans a price cap on coal and gas in an attempt to lower energy prices. The State Government also earlier this year imposed a bike hike in coal royalties which has generated an additional $2 billion above initial expectations. The institute said its research showed that coal export…
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Steaming ahead: King coal drives state’s economic engine to record surplus
The record result comes via higher resources royalties off the back of global coal and oil price surges. But Treasurer Cameron Dick has warned in his mid-financial year budget update released on Wednesday that the roaring conditions flowing from the resources sector will not last. “Today’s record surplus is a high-water mark that won’t be…
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Coal wars ramp up as Premier calls for resources lobby boss to be shown the door
Her call followed the launch last week of a major advertising campaign funded by mining companies against the government’s new regime of mining royalties which the industry has claimed were now the highest in the world and would severely impact commercial operations. The QRC has not revealed the cost of the campaign but there have…
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Robin Hood economics: QIC says mining windfalls would be better spent on the poor
Tax revenue from mining has exploded this year following the significant increases in coal prices. Thermal coal, used in generating electricity, is selling at a record $US472 a tonne while Macquarie recently forecast coking coal would sell for $US350 a tonne next year and slightly lower this year. While not singling out Queensland, the suggestion…
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Japan warns Queensland’s breach of trust could hit trade
Japan’s ambassador to Australia Shingo Yamagami said it must be stressed that the willingness of Japanese businesses to partner with their Australian counterparts in new areas, such as hydrogen, was underpinned by trusting Australia as a safe place to invest. He said the mutual trust between business and government brought economic and strategic benefits. “Japanese…
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Mining heavyweights line up behind BHP for joint attack on govt
Mining companies have found the hike in royalties was a cause to rally around and made a concerted attack on the Government, claiming “Queenslanders were being fleeced to plug Labor’s budget black hole”. The new royalty regime was introduced to capture for the Government some of the benefit of rocketing prices for coal, which reached…