Regional jobs, businesses in firing line under Qld’s excessive new coal tax regime

15 August 2023

The Queensland Resources Council (QRC) is stepping up its public awareness campaign about the damage being caused to jobs and investment in regional Queensland from the State Government’s snap decision to impose the world’s highest coal royalty tax rate.

QRC Chief Executive Ian Macfarlane said a leaflet drop to Queenslanders living in Townsville, Mackay and Rockhampton will outline the jobs already lost and the threat to future employment and economic opportunities from the royalty tax increase.

“The resources sector has long been a major contributor to jobs and economic growth in these cities and regions, which every Queenslander has benefited from, but we are already seeing evidence of the negative impact of the Queensland Government’s decision to lift the coal royalty tax rate to five times that of New South Wales,” Mr Macfarlane said.

“We are taking our message directly to homes in these major regional cities to point out that $2 billion of new investment and 2000 jobs have already been lost since the coal royalty tax increase was introduced last year without consultation.

“Queensland is losing its competitive edge when it comes to attracting investment in major new projects because investors are pulling back due to growing uncertainty about the State Government’s heavy taxing policy regime.

“Over $100 billion in planned investment in Queensland resources projects is now at risk,” he said.

“As with any resources downturn, regional Queenslanders will be hardest hit when investments start moving away to other states and countries.”

Mr Macfarlane said this week’s letterbox drop will explain how Queensland’s excessive new coal royalty taxes are grossly out of step with competitors.

“In Mackay, the resources sector supports 38,200 jobs, which is 61 per cent of total local employment, and contributes $7.3 billion to the city’s economy,” he said.

“In Rockhampton, the resources sector supports 10,500 jobs, which is 36 per cent of the total local employment and contributes $1.9 billion to the city’s economy.

“In Townsville, the resources sector supports 7,100 local jobs and contributes $1.1 billion to the city’s economy.

These are numbers every Queenslander should all be very proud of.

“Thanks to the hard-working men and women employed at mines and gas fields across Queensland, the resources sector kept the state’s economy strong during the global challenges of recent years, contributing a record $94.6 billion last financial year.

“The good news is we know that Queenslanders are listening and are growing more concerned about the government’s attitude towards the resources sector.

“There is also a strong understanding of the wide-ranging benefits a strong resources sector brings to the economy.

“It’s clear people living in Rockhampton, Mackay and Townsville want to be involved in the conversation about the future of the resources sector, so the industry can continue to support local jobs and regional economies for decades to come.”