The Palaszczuk government’s sudden and hefty increase in coal royalties could spook future Japanese investment in Australia, its ambassador says.
In a pointed intervention, Shingo Yamagami said the decision risked harming long-standing relationships with the state, arguing mining giants such as Mitsubishi and Mitsui had been good corporate citizens and paid billions in taxes and royalties over the years.
However, the resources sector argues the government has dramatically underestimated what the royalty increase will raise.Mr Yamagami said the increase would have a huge impact on mining companies’ bottom lines, “including Japanese companies that have operated in Queensland for decades”. Since taking up his post as ambassador, Mr Yamagami has sought to strengthen ties between Australia and Japan commercially, diplomatically and militarily.He delivered a reminder of Japan’s recent support for Australia in its trade stoush with China.“Likewise, when Japan was subject to economic coercion from China, and the supply of rare earths from the country was blocked, Australia stood by Japan.
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