The Queensland government is under pressure to lock in a ten-year royalty freeze for resources. Image by PR HANDOUT IMAGE PHOTO

Energy

Qld Labor urged to match LNP on royalties

2020-07-28 17:07:24

The Queensland government is under increasing pressure to lock in a ten-year royalty freeze for the resources sector to help the state’s economic recovery from the COVID-19 pandemic.

Annastacia Palaszczuk’s Labor government has already committed to freezing royalties for three years for coal and metals, and five years for gas.

But the Queensland Resources Council is calling for them to match the LNP’s election promise to extend the freeze on both to ten years.

It is not a new demand from the QRC, but chief executive Ian McFarlane says the economic ruin caused by the pandemic gives it an added level of urgency.

“During COVID-19, the resources sector kept as many of 372,000 Queensland men and women working and earning,” he said in a statement.

“We need more jobs than ever before.”

In a meeting on Tuesday, the QRC will again push for the Parliament’s Economic and Governance Committee to recommend an amendment to royalty laws, due to be debated before the October state election.

“A 10-year freeze on the rates of royalties will best ensure Queensland gets as much of the investment and jobs as possible.”

“It will also secure the billions of dollars paid in royalties to the government to reinvest in services and infrastructure for all Queenslanders.”

Mines Minister Dr Anthony Lynham said the Palaszczuk government had shown its support for the industry by putting in place significant initiatives and by providing assistance to it.