PERTH (miningweekly.com) – A record contribution from coal royalties has assisted the Queensland government in delivering a surplus of A$1.5-billion for the 2017/18 financial year – three times more than what was predicted in the mid-year fiscal and economic review forecast in December.

“The Queensland economy continues to successfully shift from the big economic gains of a never before seen resource boom that brought with it massive investment, big infrastructure and jobs and wages growth,” Treasurer Jackie Trad said on Tuesday.

“Business investment is rebounding following the construction of the liquefied natural gas (LNG) infrastructure. It’s supported by a range of renewable energy projects that will be a key driver of economic growth.”

The Queensland Resources Council (QRC) pointed out that the coal sector delivered a record A$3.76-billion in royalties for the 2017/18 Budget, while overall royalties, including from LNG and other minerals, increased to A$4.32-billion.

The Treasurer estimated that royalties were expected to increase to reach A$4.45-billion in 2018/19, with a boost in royalties expected from petroleum and minerals. Coal royalties are projected to contribute A$3.52-billion in 2018/19.

QRC CEO Ian Macfarlane said on Tuesday that the 2018/19 Budget royalties windfall for the Queensland government was much greater than the Budget handed down last year, which projected coal royalties to be A$2.43-billion and a total royalties of A$2.98-billion.

“I’m pleased to say those high-vis workers are the highlights in the Budget.  The 280 000 men and women working in the resources sector are delivering for five-million Queenslanders,” he said.

“Every Queenslander, regardless of where they call home, shares in the wealth of the sector through royalties paid to the government. These royalties go to schools, hospitals and roads in the south-east of Queensland.”

“On top of the billions of dollars in royalties paid by the sector, resources jobs continue to be a mainstay of employment and economic growth in Queensland, ensuring that every Queenslander benefits from this great industry,” Macfarlane said.

He added that if the sector was to continue to deliver for Queenslanders, it needed certainty, with Macfarlane thanking the Treasurer for her commitment to not change royalty rates in this Budget.