BREAKING: Queensland hands down budget; NSW says stamp duty changes will cut amount of time needed to save for a home; inflation set to get worse before getting better. Follow updates here.
Big miners in Queensland will be slugged with an extra three tiers of coal royalties as the Palaszczuk government attempts to take a bigger slice of surging 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.The new tax measures are expected to raise an extra $1.2 billion a year over the next four years. Dick said the new progressive royalty regime would only kick in during higher prices, and revert to the existing three-tier royalty scheme below $150 a tonne when prices inevitably fall back to normal levels.
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