Analysis: The first lift in coal royalties in 10 years will only provide a fraction of the windfall caused by high fossil fuel prices
government’s decision to increase royalties on record coal high prices will, inevitably, be spun as a radical move.
“Look, I understand they might want to mount a campaign. But I believe that Queenslanders are on our side. Queenslanders will see that some of these companies are making billions of dollars on coal being exported overseas. And we can reinvest that money … into hospitals or schools and regional Queensland.”
Coal prices are at record highs – the best Queensland coking coal is selling for more than $500 a tonne. The state budget predicts those high prices will net the state an additional $12bn in total coal and gas royalties over four years, compared to the same set of predictions a year ago. They also know that, when coal mines become unprofitable, the resources companies will cut their losses. It will be left to governments and policy-makers to ensure that workers and communities, including Queensland’s coalmining areas, are insulated from the impacts of the transition.
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