LNP doubles down on 10-year royalty freeze
THE LNP has doubled down on a plan to freeze mining royalties for a decade as a global survey shows mining companies are seriously concerned about Queensland's investment potential.
LNP Deputy Leader Tim Mander filed an amendment to the Royalty Legislation Amendment Bill in parliament yesterday in an attempt to legislate a 10-year royalty freeze.
Mr Mander said the freeze would give industry the certainty needed to drive investment, create jobs and boost exports.
"Before coronavirus, Queensland already had the nation's highest unemployment, most bankruptcies and lowest businesses confidence," he said.
"Queensland is a resources state and we need to provide industry with the confidence to invest, construct and create jobs.
"We need to provide industry with the confidence to invest, to construct and to create jobs."
Queensland Resources Council chief executive Ian Macfarlane supported the move, saying a freeze sent a clear message "Queensland is open for business".
"We know Queensland's regulatory uncertainty has already impacted investment decisions for resource projects, which operate for decades, and benefit our state economy for even longer," he said.
"Without new investment, jobs, exports and royalties the Queensland Government will simply not be in a position to finance a COVID-19 recovery.
"A decade of royalty certainty is the shot in the arm the Queensland economy needs as we unite and recover from COVID-19."
Queensland's mining and gas companies pay Australia's highest royalty tax.
In parliament yesterday, Economics and Governance Committee chair and Labor MP Linus Power said it was vital the Queensland community was supported through a fair royalty process.
"These resources are non-renewable resources that can only be extracted and used once," he said.
"It is vital that Queenslanders get a return in the form of royalties on these resources."
The LNP has committed to delivering the royalty freeze if it wins the upcoming October election.