We've suffered a lost decade of mining revenue. Between 2010 and 2020 mining corporations exported over $480 billion of coal, minerals and LNG, and only paid 7% of that in royalties. Rather than going toward schools, hospitals and public infrastructure, billions of dollars went into the pockets of multinational mining corporations. The Greens believe there should be more money for schools and hospitals and less for mining billionaires.
In the five financial years between 2013 and 2018 ten of the biggest mining corporations operating in Queensland made over $128 billion in revenue and paid less than 1% in tax, with 8 of those corporations paying zero dollars.
These mining resources belong to every Queenslander, but right now the vast majority of that wealth is going into the hands of mining billionaires. We need a little more for us, and a little less for mining billionaires.
The Queensland Greens will:
- Raise an extra $14 billion a year off our coal, LNG and minerals
- Raise the coal and petroleum (including LNG) royalty rate to a flat 35%
Raise the royalty rates for base and precious metals, and Bauxite to a flat 20%
- Including: Cobalt, copper, gold, lead, nikel, silver and zinc
- Abolish the well-head petroleum royalty pricing method for LNG and instead charge the royalty to a rate based off the ACCC’s netback LNG price
- Abolish all government subsidies to the coal and LNG industry and end royalty deals like the one currently being negotiated with Adani
If we had fair royalty rates over the last four years the Queensland Government would have at least an extra $55 billion for hospitals, schools and public infrastructure. The Government could invest in the new industries and manufacturing we need to create hundreds of thousands of jobs in Queensland. But instead, over the last ten years they’ve allowed mining corporations to export over $480 billion worth of coal, LNG and minerals while putting only 7% of that towards the things we all need for a good life.