The mining industry has intensified its fight against the government’s proposed super profits tax which they claim seriously threatens Queensland’s chances of becoming the growth state for the country’s huge Liquefied Natural Gas boom.
But industry leaders from more than 25 nations received little joy from the Federal Resources Minister.
Letisha Willocks reports.
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About 2,400 people gathered this morning for the opening of the 50th annual Australian Petroleum Production and Exploration conference.
The Resources Minister wouldn’t speculate as to whether consultation with the industry would impact on the government’s decision, but did concede that the matter needed to be dealt with quickly.
Martin Ferguson, Federal Resources Minister: “We need to nail down the appropriate tax regime for the purpose of certainty in final investment decisions.”
Queensland’s Mines and Energy Minister accepts that this isn’t the best time to put a new tax on the table and is concerned for the State’s LNG industry.
Stephen Robertson, Qld Mines & Energy Minister: “The Premier has made her views known to the Federal Government it has been a position adopted across government that we would like to see some movement to at least 11 per cent or higher in relation to where the new tax will apply.”
About 18,000 new jobs and $3-billion in export revenue are at risk in Queensland if the Federal Government’s super profits tax proceeds as proposed. But industry representatives say they’re already getting taxed enough.
However the industry refutes Government plans claiming that over the past decade it’s paid almost 50 per cent of its profits to Federal and State governments in tax.
Reg Nelson, Beach Energy: “It has been misrepresented that companies aren’t paying enough tax that they’re making super profits, that is a lie, that’s nothing more than a lie if you look at the facts.”
Letisha Willocks, QUT News.