Target $18.72, page-2378

AUST today (extract):
STATE RAKES IT IN: COAL ROYALTIES SURGE TO $10BN

Georgia Clelland
Coal royalties are projected to almost double to $10bn in Queensland this financial year, driven by the Palaszczuk government’s controversial super profits tax hike.
The windfall from the new royalties’ regime, which drew harsh criticism from resources companies and the Japanese ambassador to Australia when announced in June, will be outlined on Wednesday in the state government’s mid-year budget update.
In a statement previewing the results, Treasurer Cameron Dick said new projections are that coal royalties will increase to $10.698bn for 2022-23, from June budget projections of $5.480bn.
The royalty hikes, which began on July 1 and progressively increases the top rate from 15 per cent up to 40 per cent when the coal price hits $300 a tonne, is forecast to deliver an extra $2.95bn over 2022-23.
Mr Dick said the royalties – which at their top rate are the highest in the world – were further fuelled by the rising worldwide coal prices in the face of the Ukraine war and energy crisis in Europe. “The distortion of global energy markets has resulted in coal prices remaining higher for longer than anticipated in the budget,” he said
“The premium thermal coal spot price has also risen above hard coking coal spot prices for the first time on record.
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