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% on 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 Greens will increase Coal and LNG royalties to 35% and to 20% for base and precious metals, raising an extra $14 billion a year and $55 billion over four years. This plan will use our state’s enormous mining wealth to transform Queensland’s economy with a thriving domestic manufacturing sector and new industries to keep wealth here and create good, secure jobs.
The 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
We need to phase out thermal coal by 2030 so the Greens’ costings assume thermal coal production will halve by 2025. We’ve also assumed that there will be a 14 million tonnes reduction in coking coal (coal used to make steel) as we begin the longer term transition to zero carbon production, including green steel. Meanwhile the Greens believe there should be no new LNG or coal mines in Queensland, so we’ve assumed no increase in LNG production over this period. Finally, we’ve used the latest Queensland Treasury and ACCC data on coal and LNG prices.