The Queensland Resources Council wants “no surprises” in State Budget for the State’s coal, mineral and LNG industries.
11 June 2018
QRC Chief Executive Ian Macfarlane said the Government’s commitment to royalty stability was welcomed, and the Government’s pre-Christmas projections for an extra $806 million from 2017-18 to 2020-21 in royalty revenue would provide additional funding to reinvest in services and infrastructure for Queenslanders.
“The industry welcomes the Palaszczuk Government’s long term vision for the development of the North West Minerals Province and developing our rich mineral reserves that will drive the advanced manufacturing boom across the world. Electric vehicles will need almost four times as much copper as those running on petrol. If we have the right policies and the right incentives, Queensland can be in the driver’s seat. If we don’t, we quickly get stuck in the back seat or just left behind.”
The latest Fraser Institute Annual Survey of Mining Companies, released in February 2018, found that while Queensland was 3rd of 92 international jurisdictions for “mineral potential” and 5th for “availability of labour and skills”, Queensland is falling to 12th for “investment attractiveness” impacted by its 68th position for “uncertainty about environment regulations”.
“An important investment is the Government’s commitment to the Collaborative Exploration Initiative. We urge the Government to continue to invest in this area, because it is an investment that industry more than matches and it will help bring on the new mineral discoveries, the new mineral projects and the new mineral jobs,” Mr Macfarlane said.
QRC State Budget wish list
1. Continued stability on royalties – the Palaszczuk Government has committed to stability in the royalty rates in the Mid-Year Economic and Fiscal Review 2017-18 delivered in December, Queensland Treasury confirmed that “since the 2017-18 Budget, royalty revenue has been revised upwards by $806 million across the period 2017-18 to 2020-21.”
2. Double the incentives through the Collaborative Exploration Initiative – double the current $3.6 million over four years being available in grants to identify new mineral deposits for development, such as in the North West Minerals Province. The program is currently leveraging $3 in industry investment from every $1 committed by the Government
3. Continuation and expansion of the role of Resources Investment Commissioner — to ensure Queensland is capitalising on the growing global demand, and availability of international investment, for advanced manufacturing materials, such as copper, cobalt, rare earths, bauxite and metallurgical coal. The Palaszczuk Government created the position, held by respected industry figure Todd Harrington to help drive inward investment in Queensland resource development, export capacity and jobs.
4. Expansion of STEM in Queensland schools – the QRC in partnership with the Queensland Government operates the Queensland Minerals and Energy Academy in 46 schools across the State to promote science, technology, engineering and mathematics (STEM) subjects to school children and careers in the resources sector.
Media contact: Anthony Donaghy 0412 450 360