Key measures impacting the resources and renewables
industry
The 2019-20 Queensland State Budget was tabled in State
Parliament yesterday, Tuesday 11 June 2019. The Budget provides an
overview of the State economy, outlines the Government's
revenue and expenses for the coming year and details the priorities
the Government will deliver.
When it comes to the Resources and Renewables industry, the
following headline measures are likely to have a direct or indirect
effect:
Resources
- Petroleum royalty rate increase: the
Government is increasing the petroleum royalty rate by 2.5% to
12.5% from 2019-20. A transitional arrangement will apply for one
year for royalty payers that lodge and pay on an annual basis
ending 31 December 2019. This increase is projected to increase
revenue by $476 million over four years ending 2022-23. The
Government will also review the design of Queensland's current
petroleum royalty regime. There is a suggestion that the review
