The Queensland Resources Council has slammed the Queensland government’s decision to hike coal royalty rates in the state budget as a “cash grab”.

It will help fund a record $24 billion in health with a new three-tiered system to be introduced for coal companies of up to 40 per cent for every dollar earned when coal prices remain above $300 per tonne.

Chief executive of the Queensland Resources Council Ian Macfarlane told Neil Breen the long-term impacts will be widespread, slamming it as a “cash grab”.

“We never dreamt a government would be so irresponsible as to impose a tax like this which will drive investment away from Queensland,” he said.

“These rates are the highest in the world.”

He says it’s a “huge kick in the guts” for international companies.

“This is a short-term sugar hit that will do incredible permanent damage to investment in Queensland and jobs in the future.”

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