Queenslanders the big winners from royalty review

Published:

The Palaszczuk Government is aiming to create and support more jobs and industries under Queensland’s new gas royalty regime announced today.

Treasurer and Minister for Infrastructure and Planning Cameron Dick said that the new volume-based model would support affordable supply for domestic customers, appropriate returns for Queenslanders and fairness for gas producers.

“Queensland’s gas industry continues to do the heavy lifting in supplying the gas for domestic markets in Eastern states, while also meeting the needs of international customers,” the Treasurer said.

“This review has been crucial in ensuring that oil and gas companies are treated fairly, and that Queenslanders receive their fair share of royalties from this important industry.

“The model is transparent, equitable, administratively simpler and locked in for five years.

“Importantly, the new model supports the Palaszczuk Government’s commitment to create more jobs in more industries.

“The royalty rates are also locked in for five years to provide certainty for producers.”

The review, undertaken by a working group independently chaired by former South Australian Premier Jay Weatherill, examined different royalty models.

Mr Weatherill concluded that the current royalty regime was not suitable for the existing configuration of the Queensland gas industry and recommended that a volume-based model be adopted.

The volume-based model will see royalties calculated on the volume of gas produced and will include a sliding rate scale and producers’ sales revenue.

“I thank Mr Weatherill, petroleum producers and industry groups including the Queensland Resources Council and the Australian Petroleum Production and Exploration Association for their diligence and commitment to working through the consultation process,” the Treasurer said

“I give this commitment to the petroleum and gas sector – the Palaszczuk Government will continue to consult with industry prior to implementing the changes to the petroleum royalty regime.”

The Queensland Petroleum Royalty Review report can be found here www.treasury.qld.gov.au/petroleum-royalty-review

Treasurer, Minister for Infrastructure and Planning
The Honourable Cameron Dick

 
Business Business & Economy Energy & Water Political Queensland Government
Social:   

Cameron Dick, Queensland Government, Treasurer, Minister for Infrastructure and Planning :
1 William Street, Brisbane Qld 4000, Queensland Wide
Cameron Dick, Queensland Government,  Treasurer, Minister for Infrastructure and Planning
Showing 10+ recent articles for this business
New savings measures for Queensland 09 July 2020 | The Palaszczuk Government will implement $3 billion worth of savings measures. More information...
Future fund strengthened to support jobs and protect public assets from LNP sell off 09 July 2020 | Queensland’s Future Fund will deliver tough new anti‑privatisation protections to ensure Queensland’s strategic assets are kept in public hands, as part of the Palaszczuk Government’s plan to reduce debt... More information...
Have your say on reducing planning red tape for COVID economic recovery 08 July 2020 | The Palaszczuk Government’s ongoing rollout of its economic recovery plan, Unite and Recover for Queensland Jobs, will be boosted by more planning red tape reduction measures. More information...
Planning law changes to keep projects moving and Queenslanders in jobs 06 July 2020 | Changes to Queensland’s planning laws will allow job-creating infrastructure projects to keep progressing across the state during the COVID-19 pandemic. More information...
App helps Queensland councils get REDI for the next disaster 06 July 2020 | Against the backdrop of the harshest global economic conditions faced in a lifetime, an innovative mapping application has been built to help Queensland councils make more informed infrastructure investment... More information...
Land tax relief extended for four months 30 June 2020 | Treasurer Cameron Dick has confirmed the application deadline for the Palaszczuk Government’s land tax rebate will be extended for a further four months to help COVID-affected Queensland businesses Unite and... More information...
Virgin to remain Queensland's national airline 26 June 2020 | Virgin Australia will remain the national carrier of Queensland after Queensland fended off attempts from other states to attract the airline. More information...
New online game helps Queensland kids get disaster ready 26 June 2020 | The Get Ready Queensland Challenge, a new educational game to help Queensland children and their families prepare for future disasters and severe weather, is now available online. More information...
Funding for Queensland councils to Get Ready for future disasters 19 June 2020 | Queensland’s 77 councils and one town authority will share in $2 million to help their communities prepare for future disasters and severe weather as part of the 2020-21 Get Ready Queensland program. More information...
Queensland well placed to build the nation into economic recovery 16 June 2020 | Queensland is open for business and is the place to invest and build as the nation looks to recover from the COVID-19 economic crisis. More information...


comments powered by Disqus

All articles submitted by third parties or written by My Sunshine Coast come under our Disclaimer / Terms of Service