The Queensland Government’s 2024–25 Budget has promised a $90 million injection into the resources sector, garnering mixed results from key industry bodies.
Queensland Resources Minister Scott Stewart said the latest Budget will continue to back the resources industry and the more than 75,000 workers it supports.
“We signalled our intent to lead the sector into the next industrial revolution with the $315 million investment into growing Queensland’s critical minerals sector, and this year we are providing additional funding looking into the potential for a natural hydrogen industry,” Stewart said.
Association of Mining and Exploration Companies chief executive officer Warren Pearce welcomed parts of the Budget, including the $110 million over five years for the Queensland Battery Industry Strategy.
“AMEC appreciates this is a marathon and not a sprint, so if Queensland wants to future-proof the resources sector, continued funding incentives and vision are critical,” Pearce said.
But Pearce was disappointed to see the Geological Survey of Queensland’s Collaborative Exploration Initiative had not been extended beyond June 2027.
He also said calls for action on fundamental regulatory improvement to reduce green and red tape have not been advanced.
“It’s disappointing that there isn’t greater support for the resources sector in this budget, that could have built on previous commitments aimed at advancing the industry,” he said.
Queensland Resources Council chief executive officer Janette Hewson agreed more needs to be done to support the industry.
Hewson warned the continuation of high coal tax rates will only hinder the sector, which she said is one of the biggest contributors to state revenue.
“Six months ago, the Government forecast coal royalties would reach $9.2 billion this financial year but that figure has now soared to $10.5 billion,” Hewson said.
“Overall, the resources sector contributed 14 per cent of all State Government revenue, which is more than any other industry.”
Hewson said sudden changes to policy settings, including the increase in coal royalty taxes, pose a serious threat to investment and the resources sector’s future capacity to underpin Queensland’s economic prosperity.
“Without a fair and balanced royalty system that encourages new investment, our resources will remain in the ground, and no one will benefit, and the biggest damage will be to small businesses and jobs in regional Queensland,” she said.
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