Industry body the Queensland Resources Council (QRC) has responded with ire to the release of the Queensland Resources Industry Development Plan, which the Australian Department of Resources assisted in developing.
“Unfortunately, a Queensland government 30-year plan isn’t worth the paper it’s printed on when the rules for investment in Queensland’s resources can change overnight,” the QRC said in a statement on Friday.
This follows on the heels of a budget announcement earlier in the week which said that coal royalty rates would increase significantly from July 1.
“We now know the Queensland government’s plan for the resources sector is to increase taxes, short-change resources communities and drive away jobs and investment,” the QRC said.
The resources industry is a significant contributor to the Queensland economy, supporting the jobs of more than 422 000 people and contributing $84.3-billion to the state economy over the last financial year.
“This foolish decision to over-tax our sector will lead to projects being cancelled, put on hold or reduced, and lead to job losses, particularly in regional areas,” the QRC warned.
The industry body said that the resources industry completely opposed the significant coal royalty increase announcement made last week by Queensland Treasurer Cameron Dick and called on Queensland Premier Annastacia Palazczuk’s administration to “end its assault on the Queensland resources sector’s future viability”, which the QRC said posed a threat to the viability of regional Queensland.
The Queensland Resources Industry Development Plan is geared towards responding to growing investor and customer expectations regarding the industry’s environmental, social and governance performance, the disruptions caused by increased automation and the need to meet global emissions reduction targets by 2050.
The plan is said to outline global challenges and changes facing the resources industry, highlighting opportunities for industry growth and diversification, and framing the collaboration and commitments required by the Queensland government and industry to achieve this vision.