The Queensland government has reaped the benefits of the controversial mining royalty hike, drastically boosting the state's budget, as profits roll in 24 times faster than anticipated.
According to Queensland Resources Council , the industry has made $800 million in six weeks and is anticipated to generate the four-year target by the end of this month.
Deputy Premier Steven Miles defended the government's tax and said the profits belong to Queenslanders. Picture: NCA Newswire/Liam Kidston “Their profits are even greater than projected... That strengthens the case to have in place a royalty regime that ensures Queenslanders get the value of the resources that they own.”
Miners will now pay 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.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nathan Tinkler, backers chase Australian Pacific CoalNathan Tinkler is back for another shot at mining coal in NSW’s Hunter Valley.
Read more »
Nathan Tinkler, backers chase Australian Pacific CoalNathan Tinkler is back for another shot at mining coal in NSW’s Hunter Valley.
Read more »
Profit at takeover target MACA triples to $43mThe healthy profits at the mining contractor underscore its value to suitors Thiess and NRW Holdings.
Read more »
Queensland government rakes in coal royaltiesThe Queensland government is set to earn over $1 billion in coal royalties in two months, according to the state's Resources Council. Treasurer Cameron Dick won't confirm if the forecasts are accurate ahead of the mid-year budget update in December. The government was criticised for raising coal royalties in the June budget after claims it could put future investment at risk.
Read more »
Inflation, cost of living pressures a 'priority' for summit, Anthony Albanese saysLifting wages and profits without placing additional pressure on inflation will be the key focus at Labor's upcoming jobs and skills summit, Prime Minister Anthony Albanese says.
Read more »
NIB down on investments, delayed claims boost underlying profitHealth insurer NIB Holdings said profit fell 16 per cent to $135.7 million but COVID-19 kept claims at bay, with travel and international student insurance back to profit in 2H.
Read more »