The Queensland Resources Council (QRC) said a new international study shows investors’ growing anxiety over the Queensland Government‘s sudden introduction of the world’s highest coal royalty tax.
QRC Chief Executive Ian Macfarlane stated that the State has slipped seven places in a crucial index for overseas investors.
“In the Fraser Institute Annual Survey of Mining Companies 2022, on the question of Queensland policy perception, the state fell to 28th place just ahead of Brazil and Victoria, and 16 places behind Tasmania,” Macfarlane said.
According to Macfarlane, the results are not encouraging for long-term investment in Queensland’s resources industry, which includes coal.
“Government policies play a significant role in a company or country’s decision to invest billions of dollars of into resources projects, and it’s clear many are now thinking twice about making those significant investment decisions in Queensland,” Macfarlane added.
He explained that an investment slowdown will affect thousands of jobs and new projects in five to 10 years. Macfarlane noted that Queensland has ample coal and critical minerals for a decarbonised future; therefore, investors should consider the State.
“On the eve of a Federal Budget that will again confirm the crucial importance of the resources sector to our economic strength, it’s time for the Queensland Government to reconsider its coal royalty tax increase,” he said.
“Queensland’s economy, and thousands of future jobs, depend on long term investment in our resources sector and the State Government needs to take serious notice of survey results like these,” Macfarlane added.
