‘Small number of fossil fuel-exporting companies are making windfall gains,’ says analyst advocating for Queensland system
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New South Wales could erase its budget deficit twice over by following Queensland in implementing a tiered mining royalties scheme that taxes resources companies based on windfall profits, according to an expert analysis.
But despite the potential for a more than $20bn boost to the state’s economy, neither major party says it has any plans to capitalise on record prices that have seen the value of coal exports more than double in the past year.
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