Queensland royalty rises for coal now expected to provide $3bn windfall
by Ben Smee from on (#66J2Z)
Treasury had initially predicted the new system would increase revenue by $765m this financial year
The Queensland government's decision to increase royalties on record-high coal prices is expected to net the state an additional $3bn this financial year - almost four times the windfall predicted in the June state budget.
The treasurer, Cameron Dick, will deliver Queensland's mid-year budget update on Wednesday, which shows the state's bottom line has swelled thanks to the controversial decision to introduce higher-rate tiers for coal royalties, which kick in when prices are high and miners are making superprofits.
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