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Resources keep Queensland in the black

Appea CEO Ian Macfarlane

Appea CEO Ian Macfarlane

14th December 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – In its mid-year fiscal and economic review (MYFER), the Queensland government has increased its projected net operating surplus in 2018/19 to A$524-million, up by A$376-million in the June Budget.

Deputy Premier and Treasurer Jackie Trad said this week that the state Budget surpluses totalled nearly A$1-billion over the four years to 2021/22, despite a reduction in goods and services tax revenue of more than A$770-million.

Growth in gross state product is also forecast to strengthen to 3% in 2018/19.

The Queensland Resources Council (QRC) has noted that the record returns from the resources industry to the Queensland Budget have shown the importance of continued exploration and investment in new projects.

“Queensland’s black coal is putting the Queensland budget in the black,” QRC CEO Ian Macfarlane said.

“Resources investment keeps Queensland’s economy firing on all cylinders and keeps the budget out of the red. Without resources royalty taxes, in particular from black coal, the budget surplus of A$524-million would be a budget deficit of A$4.6-billion.”

Macfarlane noted that returns from coal royalty taxes were now at a new record of A$4.26-billion, up more than A$700-million on the $3.52-billion forecast in the Budget. For the period to 2020/21, coal royalty taxes have been revised up by A$1.8-billion.

Overall, Queenslanders will receive a record A$5.12-billion in royalty taxes from the entire resources sector in this financial year.

“This is no short-term sugar hit. Our resources sector has a long-term future that will deliver benefits for Queenslanders now and for decades into the future," Macfarlane said.

“The world needs our met coal, which builds modern cities, cars, homes and solar panels. The world needs our cleaner thermal coal, which burns more efficiently and with a lower ash content than coal from other nations. And the world needs our liquefied natural gas and minerals such as bauxite and zinc.”

Macfarlane noted that the success of the Queensland resources industry could not be taken for granted, noting that the sector had to ensure an ongoing pipeline of resources projects, through stable regulation and stable royalty tax rates, and through ongoing exploration and development of new projects and new resource provinces including the North West Minerals Province and the Galilee basin.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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