Boyce: Increased Coal Royalties Stifling Investment

Federal Member for Flynn, Colin Boyce has slammed the Labor State Government’s coal royalty tax hike that is stifling investment in the resources industry, especially in the Flynn electorate.

This is following a BHP announcement that the Blackwater South metallurgical coal mine will no longer go ahead and some mines could close earlier than expected due to the coal royalty tax increase.

The mine was expected to be a $1 billion investment, create up to 750 construction jobs and 1200 operation jobs over a 90-year life as it extracted coal for steelmaking, with a construction start date of 2029.

Mr Boyce said the royalty tax hike has been nothing more than an attack on investment for the resources industry.

“Nearly 92 per cent of metallurgical coal exports came from Queensland in 2021, which means billions of dollars in royalties and taxes to pay for the services we all rely on,” Mr Boyce said.

“We should be thanking our coal miners for the work they do, not threatening to take away their jobs which is now happening under Labor’s introduction of higher taxes on the resources industry.

“In the 2020-21 financial year, the resources industry in Flynn provided a total economic contribution of $9.4 billion of gross regional product and supported over 42,000 local jobs.

“What does the Labor State Government say to Blackwater and the surrounding communities who would have benefited from the Blackwater South metallurgical mine?

“The Labor State Government needs to stop treating regional Queensland like a cash cow.

“Rather than targeting the resources industry with more taxes, the Labor State Government should be encouraging further investment.”

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