Strong projections for key Queensland resource commodities was good news for the State’s economy, jobs, exports and royalty revenue, Queensland Resources Council Chief Executive Ian Macfarlane said.
Mr Macfarlane said the Australian Government’s Office of Chief Economist report has forecast strong market conditions for metallurgical and thermal coal, LNG, bauxite, copper and zinc.
“A strong and supported Queensland resources sector means a stronger Queensland,” Mr Macfarlane said. “Figures in the latest Resources and Energy quarterly projects growing demand from India and south-east Asia which means even more exports, even more royalty taxes and even more jobs for Queensland. The resources sector already contributed more than $60 billion of Queensland’s exports, more than $5 billion in royalty taxes, more than 316,000 jobs across the State and will deliver an extra $1 billion in company tax to next week’s Federal Budget due to higher metallurgical coal prices. I am urging Queensland community groups, charities, local councils and other industries to nominate their project and cause for this maroon money through our Maroon Fund.”
Mr Macfarlane said it was critical there was stable and predictable policy and royalty tax rates or Queensland will fail to benefit from the improved outlook across key commodities.
“The reality is that Queensland is a leading supplier of coal, LNG, bauxite, copper and zinc, but we are not alone,” he said. “Haphazard or anti-investment policy will only allow our competitors to improve their market share, attract new investment, create new jobs and return more taxes to their own governments.”
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