Ann: New Acland Stage 3 Update, page-55

AUST Monday:
Queensland’s Palaszczuk government will deliver a record surplus in next month’s budget, driven by the coal royalty regime that has fuelled a $6bn jump in state revenues since December. The introduction last year of three new tiers of royalty rates on soaring worldwide coal prices has produced a turnaround in fortunes for the government, which had predicted a $1bn operating deficit for this financial year.
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The royalty regime, which includes the highest taxing rates in the world – with a top tier of 40 per cent for coal prices above $300-a-tonne – has drawn criticism from the resource industry, which has claimed it is threatening future investment and may lead to the closure of mines.

When the new royalty regime was announced in last year’s budget, Mr Dick said it would raise an additional $1.2bn over the next four years but with coal prices reaching record highs last year, the Queensland Resources Council estimates that $13.6bn will be paid in coal royalties – about $8bn more than originally forecast – in the 2022-23 financial year alone.…..