The Queensland Resources Council (QRC) has attributed Queensland’s drop in rankings in Fraser Institute’s Annual Survey of Mining Companies 2022 to the introduction of the world’s highest coal royalty tax by the Queensland Government.
The state dropped seven places in the survey in a key index for international investors.
QRC Chief Executive, Ian Macfarlane, said the results are not good for long term investment in Queensland’s resources sector overall, not just coal.
“The Queensland Government introduced the high royalty increase for coal without consultation and with no regard to any stakeholders,” Mr Macfarlane said.
“Government policies play a significant role in a company or country’s decision to invest billions of dollars into resources projects, and it’s clear many are now thinking twice about making those significant investment decisions in Queensland.”
Mr Macfarlane said the full impact of an investment downturn will be felt in five to ten years when new projects dry up, along with thousands of jobs.
“Queensland has abundant reserves of the resources the world needs, from coal through to the critical minerals that will drive a decarbonised future and we should be at top of mind for potential investors.
“Queensland’s overall survey score was saved by the state’s attractive geology,” Mr Macfarlane said.
Mr Macfarlane said Queensland’s economy and thousands of future jobs depend on long term investment in the resources sector and the State Government needs to take serious notice of survey results like these.
