government’s controversial decision to increase royalties on record-high coal prices has contributed to an unexpected $10bn revenue windfall and a record surplus, allowing the state to fund cost-of-living relief including free kindergarten classes and $550 electricity rebates for all households.
The budget papers reveal income of more than $15bn from coal royalties in 2022/23 – about $10bn more than had been forecast 12 months ago – due mainly to sustained high coal prices, which trigger the increased royalty rates. “Our decision to take on the mining lobby, to stand our ground, and to fight for the people of our state, has delivered a rich reward.”
Queensland will spent $8.2bn in 2023/24 on cost-of-living relief, including a $550 energy rebate for every household, with concession holders to receive an additional $150 discount on top of an existing $372 rebate, taking total support for this group to $1,072 in 2023/24.