The Palaszczuk government has been accused of breaking an election commitment by increasing taxes on coal miners and big business to help pay for its big-spending budget.
Big miners will be slugged with an extra three tiers of coal royalties as the Palaszczuk government attempts to take a bigger slice of soaring coal prices to help pay for its big-spending health and transport budgets.
The three new tiers include a royalty rate of 20 per cent for prices above $175 a tonne; 30 per cent for prices above $225 a tonne and 40 per cent for prices above $300 a tonne.Advertisement “We know the foreign shareholders of coal companies won’t like these changes. But they can rest easy,” Mr Dick told state parliament.
“The coal companies have been making record profits - and I understand they might want to mount a campaign - but I believe that Queenslanders are on our side,” she said.“Queenslanders will see some of these companies are making billions of dollars, coal is being exported overseas and we can reinvest that money for Queenslanders into hospitals and schools and regional Queensland.”
But budget deficits will return next financial year and in 2023-24 before smaller surpluses return in 2024-25 and 2025-26 .LNG royalties have also increased to $1.7 billion over the next four years, but the gas industry has avoided a hike in royalties after striking a five years with the Queensland government last year.
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