Big miners in Queensland will be slugged with an extra three tiers of coal royalties as the Palaszczuk government attempts to take a bigger slice of surging coal prices to help pay for its big-spending health and transport budgets.
The three new tiers include a royalty rate of 20 per cent for prices above $175 a tonne; 30 per cent for prices above $225 a tonne; and 40 per cent for prices above $300 a tonne.The new tax measures are expected to raise an extra $1.2 billion a year over the next four years. Dick said the new progressive royalty regime would only kick in during higher prices, and revert to the existing three-tier royalty scheme below $150 a tonne when prices inevitably fall back to normal levels.
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