Extract AUST today: LABOR ENSHRINES ITS COAL SUPER-PROFITS TAX...

Extract AUST today:
LABOR ENSHRINES ITS COAL SUPER-PROFITS TAX INTO LAW
Lydia Lynch
Queensland Labor has enshrined its super-profit tax on coalmining companies into law ahead of the October state election in a move designed to ramp up pressure on Opposition Leader David Crisafulli to guarantee he would retain the scheme for a full four-year term of government.
Treasurer Cameron Dick hiked coal royalty rates in his 2022 budget following a decade-long freeze, after promising no new or increased taxes during the 2020 state election campaign.
The three-tier coal royalty scheme, which includes the highest taxing rates in the world, funnelled $15bn into government coffers last financial year and delivered Mr Dick the biggest state budget surplus in history.
But the royalty regime, with a top tier of 40 per cent for prices above $300 a tonne, drew strong criticism from the resource industry, particularly BHP, which claims it is threatening future investment and jobs, and may lead to the closure of mines.
Under legislation introduced to state parliament by Mr Dick on Thursday, the existing three tiers will be locked in and lowering the tax rate will require a vote in parliament. Previously, coal royalty rates were set through regulation…..