Lock the Gate Alliance has described the 5-year deferment of royalties announced today by the Queensland Premier as a massive taxpayer loan designed to open up new coal mining basins that would put land, water and the climate at risk.
The deal looks set to apply to two coal basins – the Galilee Basin in Central Queensland and the Surat Basin on the Western Downs.
“This royalty deferment announced today is a royalty holiday by any other name” said Ellie Smith, spokesperson for Lock the Gate Alliance.
“The reality is that the Queensland Government is giving Adani and other mining companies an upfront tax break that will incentivise the development of two vast new coal basins that put our future at risk.
“This is a special loan for two mining giants – Adani in the Galilee Basin and Glencore in the Surat – who are both multi-billion dollar outfits that don’t pay any corporate tax in Australia.
“There are no details on how big these subsidies will be – the people of Queensland don’t know if they’ll be up for $300M or $700M.
“We’re deeply opposed to any deferral of royalties, and especially one that pits coal mining against our long-term growth industries of agriculture, renewable energy and tourism.
“If these mining companies can’t stand on their own two feet, than Queenslanders shouldn’t be footing the bill” she said.