Industry and analysts predict budget measure could provide billions in additional revenue
The QRC said the new system would impose “the world’s highest royalty taxes on the resources sector”, hit regional communities and businesses hard, and force miners to rethink their future investment and employment plans.
“The QRC absolutely rejects the assertion by the treasurer that he offered to compare models and get feedback on the new rates,” Macfarlane said. “He refused to give any information regarding the levels or percentages.”Sign up to receive the top stories from Guardian Australia every morning At current prices, coking coal was selling for about $US370 a tonne, less than the going price of thermal coal at $US390 .
“If hard coking coal declines to $US230 and thermal to $US150 , the additional royalty would only be about $1bn.John Manning, a senior credit official at Moody’s Investors Service, said there was definitely “potential upside” for the Queensland budget.
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