Queensland Treasurer Cameron Dick’s Wednesday budget update will show a multibillion-dollar coal revenue boost driven by high prices and higher royalty tiers.
Queensland’s new coal tax tiers are expected to net the state government $2.9 billion this financial year alone, with the overall boost over four years tripling since the royalties were announced six months ago.
Market distortions caused by war in Ukraine and Australian weather have left coal prices higher for longer than expected when the budget was prepared. “This shows that coal royalties are worth fighting for, delivering a fair share for Queenslanders. We’ve secured a big win ... by securing a share of the windfall profits made by coal companies.”
Royalties from gas, also being sold at high prices, are expected to come in at $2.2 billion this financial year — up $601 million — and $5.8 billion over the following three.
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