Queensland was set to receive $4.8 billion in oil and LNG royalties over the next four years, but this could fall if gas is diverted from lucrative overseas buyers.
Queensland Treasurer Cameron Dick says he would be willing to receive lower gas royalties should lucrative LNG exports be diverted into the domestic market toAs the Albanese government and regulators attempt to find more gas reserves to help households and businesses, especially in NSW and Victoria, the Palaszczuk Labor government said it was willing to sacrifice its budget position to help.
“The domestic reservation arrangements we put in place take account of the different royalty scales for different categories of gas. We are comfortable with the revenue consequences of those arrangements. ”found big LNG exporters were choosing to sell the majority of their excess gas into international spot markets, rather than the domestic market, because they were getting better prices.
Queensland was set to receive $4.8 billion in petroleum and LNG royalties over the next four years, including $1.6 billion in 2022-23.Although this may not be as high as the $16 billion in coal royalties forecast over the same period, the gas royalties are significant for theThe Albanese government this week announced it was preparing to pull the “gas trigger” or Australian Domestic Gas Security Mechanism which would force big gas companies to put more gas into the local market.
“We have so much of this resource and it should be made available, and it’s not,” he told ABC Radio National.“So, strengthening the trigger, changing and renegotiating the heads of agreement and putting sharp focus on the behaviour of gas producers is really important.” “I do think we are getting to a point where we are going to have to take hard action in activating the trigger and reforming it in a way that allows us to activate it on the basis of price if they don’t come to the table quite frankly,” Mr Husic told ABC Radio National.
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