THE Queensland Resources Council told a state parliamentary committee today that the state’s investment profile in resources would slip even further, unless the Queensland Government committed to keeping royalties at current levels for the next 10 years.
A global survey of mining companies and investors released earlier this year by the Fraser Institute showed investors were seriously worried about Queensland’s investment potential.
Mr Macfarlane said the onset of COVID-19 would have eroded global investor confidence even further since then.
“When the survey was released in February, Western Australia ranked number one in the world in terms of investment attractiveness, South Australia ranked six, and the Northern Territory came in at 13,” he said.
“Unfortunately Queensland was 15th, which is well behind our state counterparts and incredibly disappointing for such a resource-rich state.”
Mr Macfarlane told the Economics and Governance Committee that Queensland needed certainty at a time of uncertainty, and the industry already paid the highest royalty rates in the country.
“The resources industry is not wanting to reduce what we already pay in terms of royalties, we just need the State Government to keep coal, metals and gas royalties at their current levels for the next decade,” he said.
“We’re also asking for a more streamlined project assessment and approval process, to make sure projects progress in reasonable timeframes.”
The State Government has previously committed to a three-year freeze on coal and metals, and a five-year commitment on gas.