The Queensland government’s massive coal royalty tax could push away Japanese investors and undermine the decades-long partnership between both countries, Japan’s ambassador to Australia has warned.
The stark comments from Yamagami Shingo come after the Palaszcuk government announced it would introduce three extra tiers of taxes to the state’s mining royalty scheme.
Going forward, from July 1, the state government will charge a 20 percent tax on each tonne of coal sold for more than A$175; 30 percent for prices above A$225 a tonne; and 40 percent for prices above $300 per tonne.
Queensland’s previous coal royalty tax was a flat rate of 15 percent per tonne, yet it was already one of the highest in the world. In fellow Australian states New South Wales and Western Australia, coal royalties are under 10 percent….