Mining royalties need stability moving forward
The resources industry has kept Queenslanders working and earning through COVID-19 and is poised to play a central role in employing more regional Queenslanders.
But it needs regulatory certainty and stability in royalty payments to attract the investment needed to help the state recover from the pandemic, Queensland Resources Council chief executive Ian Macfarlane says.
Mr Macfarlane was in Townsville yesterday releasing his organisation's latest State of the Sector report and promoting its Resources Industry Development Plan in the lead up to the state election.The report finds 43 per cent of resource companies are planning to decrease their use of interstate workers in the long term.
"This is welcome news for Townsville and will lead to more jobs in the resources sector as the state's economy recovers from the impacts of COVID-19," Mr Macfarlane said.
"The resources industry already contributes $1.4bn to Townsville's economy, supports 8561 full-time jobs and invests $415m with local businesses and community organisations, so is an important part of this region's prosperity."
The report shows resources has been an economic liferaft for Queensland with more than 80 per cent, or $63bn, of the state's export value in 2019-20 coming from the sector.
"This represents $12,000 of export sales for every man, woman and child in Queensland," Mr Macfarlane said.
"This is a result more than 370,000 Queensland resource workers can be very proud of and is something we don't want the government or the community to take for granted."
Mr Macfarlane called on Labor to match the LNP's commitment to 10 years of royalty stability to underpin investment.
The industry also wants transparent and world's best practice processes on regulation, red tape and approvals.
"Adani having to wait as long as it has. New Hope waiting 14 years (for its Acland mine expansion) and still not getting approval. We want a process that gives us an answer. If it's yes or no, that's fine, but we want an answer," Mr Macfarlane said.
Originally published as Mining royalties need stability moving forward