New QLD Premier Urged to Foster Investment and Growth in the Resources Sector

New Qld Premier should ‘motivate financial investment and development’: QRC

In the wake of Annastacia Palaszczuk’s resignation as Queensland Premier, Queensland Resources Council (QRC) Chief Executive Officer Ian Macfarlane has stressed the importance of her successor’s role in promoting investment and growth within the state’s resources industry.

After serving as Queensland Premier since 2015, Palaszczuk announced her resignation and her intention to step down as Member for Inala by year-end.

While acknowledging Palaszczuk’s contributions to Queensland’s public service, Macfarlane has called upon the incoming Queensland Premier to offer more explicit support and encouragement to the resources sector.

QRC has been vocal about its concerns regarding Queensland’s controversial three-tiered coal royalties system, implemented on July 1, 2022, and is currently engaged in efforts to oppose this regime.

Regretfully, Macfarlane noted, “Unfortunately, 18 months ago (Palaszczuk) also presided over the introduction of the world’s highest coal royalty tax into Queensland that has made our state uncompetitive for new investment in new resources projects.”

He continued, “We have already seen Glencore cancel the development of the Valeria mine in central Queensland, costing thousands of jobs, and BHP has openly stated it will not be investing in new projects in Queensland.”

Highlighting the imperative for a Premier who actively supports investment and growth in the resources sector, Macfarlane asserted, “Queensland needs a Premier and government that encourages investment and growth in the resources sector to grow jobs, exports, and the state economy.”

According to Macfarlane, the appointment of a new Premier represents an opportunity to restore competitiveness to Queensland’s resources sector.

He emphasized, “The best outcome for Queensland in terms of jobs and business opportunities will be achieved when the State Government acknowledges the importance of the resources sector in its policy-making decisions to ensure they don’t harm our sector’s future.”

Macfarlane concluded by saying, “We need to get back to a place where government policy does not hamper our industry’s ability to compete internationally for long-term investment in new projects, including in the emerging critical minerals industry.”