Treasury had initially predicted the new system would increase revenue by $765m this financial year
The Queensland government’s decision to increase royalties on record-high coal prices is expected to net the state an additional $3bn this financial year – almost four times the windfall predicted in the June state budget.
The treasurer, Cameron Dick, will deliver Queensland’s mid-year budget update on Wednesday, which shows the state’s bottom line has swelled thanks to the controversial decision to introduce higher-rate tiers for coal royalties, which kick in when prices are high and miners are making superprofits.