Mining’s new campaign against coal royalties

Hurting the state’s mining “nest egg” will have widespread consequences, Queensland’s peak resources body has warned, launching the second phase of its long-running campaign against the government.

The launch of the new advertising campaign against controversial coal royalties hikes came as Queensland Resources Council’s outgoing chief executive Ian Macfarlane used his final major speech to take a parting shot at the government.

Mr Macfarlane, a former Coalition government frontbencher, thanked the state Labor government for doing nothing but burden the sector with more taxes.

“Instead of encouraging the sector to grow, each year, the resources sector has been burdened down with more taxes and charges, more regulation, slower approval processes and less public support of our industry,” he said.

“Already Queensland’s reputation has been damaged, billions of dollars in mining investment has been cancelled, frozen or is under review. And the longer it goes on, the worse it will get.”

The QRC has been at work with the state government over a controversial decision to effectively tax coal super profits — a move which helped raised $15.3bn extra for the state government in the latest budget.

But the resources sector has repeatedly warned the move has created uncertainty for investors and will impact decisions on future projects.

In the latest campaign the QRC plans to focus on “the simple message that when the government hurts Queensland resources, it hurts Queensland’s future”.

Acting Premier Steven Miles said the government had a “fundamental disagreement” with the QRC on the issue of royalties, saying his side believed that when coal prices are at record highs Queenslanders should reap a greater share of those benefits.

The Opposition has previously indicated it would not make changes to the three-tier coal royalty regime at least over the forward estimates — or the four financial year period — outlined in the budget.

Mr Macfarlane said the Opposition’s plans were a matter for them but affirmed Opposition Leader David Crisafulli understood the issues.