Queensland’s resources sector is urging the state government to support the industry with a more competitive market and fairer coal royalties.
The Queensland Resources Council (QRC) laid out its recommendations for the state government budget to boost resource investment while providing stability for the state’s economy.
To support the resource sector’s ongoing competitiveness, the QRC has called for fair returns for regions and fairer policies for the sector, prompting the state government to revisit coal royalty rates and publish an annual regional royalty expenditure statement.
QRC also recommended further government support for exploration and the next generation of resources operations, including through funding and grants that support development of traditional resources and critical minerals required for energy security and energy transition.
QRC CEO Janette Hewson said the government’s commitment to rebuilding confidence and recent decisions through the Resources Cabinet Committee were welcomed by the sector.
“We are seeing improvements and want this to continue with meaningful changes for a sustainable and investment-ready sector,” Hewson said.
The QRC made the recommendations amid global economic headwinds facing the resources industry including growing global competition, rising costs and workforce challenges.
“Resources are still the powerhouse of this state, supporting one in every five Queensland jobs and resources companies spending $35.8 billion with 17,600 business and supporting 1,733 community organisations,” Hewson said.
“If we want that level of returns to Queensland to continue long-term, we seek the government’s support to respond to changing market and global conditions.”
