Big mining corporations are making massive profits exporting resources that belong to all of us. 

Meanwhile, regular people can’t afford the rising costs of housing or feeding their families. There are 43,000 households waiting for social housing and public schools and hospitals are underfunded. 

Labor and the LNP are letting big mining corporations rip us off by paying next to nothing for billions worth of our resources sent overseas. Over the last 10 years big mining corporations have exported $634 billion worth of resources, but only paid 9% in royalties. What’s more, 10 of the biggest mining companies in Queensland pay $0 in corporate tax. 

Under both Labor and the LNP, the amount coal mining companies pay in royalties for Queensland resources will fall by 76% after a short sugar hit of higher revenue. 

The Greens will raise mining royalties to fund the things Queenslanders need to live a good life. We’ll build public homes, fund public services and make health and education free and universal. As the era of fossil fuels ends, the Greens will tax multinational mining corporations fairly to capture more of their massive profits and set our State up for the future. 

The Greens will:

• Raise an extra $61 billion over four years from coal, LNG and other minerals, even as we phase out existing fossil fuel projects. 
• Increase the base royalty rate to 35% across all resources.
• Fund a cleaner future for Queensland beyond fossil fuels, supporting workers and investing in new clean manufacturing and renewable energy. 

Coal royalty revenue is about to crash

When Labor partly implemented the Greens’ coal royalties policy, it worked. Queenslanders got a better share of our enormous mineral wealth. 

But Labor failed to take on the big mining companies to create a lasting revenue boost, and now coal royalties are about to crash. 

Labor’s own Budget shows that their narrow and short-term coal royalty changes will see revenue fall off a cliff, starting in July 2024.

Big mining companies are still making record profits, but Labor’s plan relied on abnormally high coal prices which are now declining. 

Labor’s royalty changes will stop collecting any significant revenue as prices return to long term average. Coal royalty revenue is set to fall 76% in two years, from $15.4 billion in 2022-23 to just $4.3 billion in 2024-25. 

Our plan to increase royalties to 35% as we wind up the coal industry will raise $48.5 billion over four years, an extra $31.8 billion compared to Labor’s plan. 

Big gas companies cashing in

Big gas companies are the worst offenders in ripping off Queenslanders. Over 10 years they have sold $120 billion of our gas, but only paid 4% of that in royalties. LNG export revenue in Queensland has doubled from $11 billion in 2020 up to $22 billion in 2023. 

Increasing the rate of gas royalty to 35% will raise $23.7 billion over four years, an extra $19.3 billion compared to Labor and the LNP’s status quo. 

An extra $61 billion for what we need

The Greens’ Fair Share Plan would begin in 2025-26, raising an extra $61 billion over four years. 

	Royalty revenue ($bn)
Year	Qld Government status quo	Qld Greens' Fair Share Plan	Qld Greens extra revenue
2025-26	$6.02	$25.33	$19.32
2026-27	$5.70	$21.93	$16.23
2027-28	$5.76	$19.51	$13.75
2028-29	$5.67	$17.47	$11.80
Total ($bn)	$23.15	$84.24	$61.09

Revenue projections above are based on the December 2023 Queensland Budget Update, the Australian Energy Market Operator's 2024 Gas Statement of Opportunities and related workbooks, and Queensland minerals sales data. 

Set Queenslanders up for the future

The climate crisis demands that we stop new coal and gas approvals, so the Greens’ revenue projections assume no new fossil fuel projects or expansions from October 2024 onwards. We must phase out thermal coal by 2030, so our plan is also based on an orderly but timely decline of thermal coal production, reaching zero by 2029-30. 

Our plans are also based on a planned phase out of both metallurgical coal and gas, including LNG, by 2040. 

Metallurgical coal can be replaced by green steel manufacturing technologies, but only if big fossil fuel companies are made to pay their fair share. By properly taxing fossil fuel companies on their way out, we can invest in new manufacturing technologies to support Queensland workers and communities through the renewable transition. 

Raising an extra $61 billion over four years would allow the Queensland government to create new homes, jobs and industries to support fossil fuel dependent communities, with guaranteed jobs and incomes for workers. 

Further detail on the Greens’ plans on the clean manufacturing boom, critical minerals and green steel will be announced in the coming months. 

International examples

Queensland should aim to capture a much larger share of the mining industry’s staggering profits, following examples like Norway, where 55% of all revenue in the fossil fuel sector flows to the government via taxes, royalties or dividends from state owned enterprises. In Australia, that figure is 3%. 

Tax-dodging mining companies

Big mining companies are some of the most notorious tax dodgers. Ten of the largest mining companies operating in Queensland paid zero corporate tax at a Federal level based on the most recent data. That was despite earning a total of $36 billion in income per year. A fair rate of mining royalties is the simplest, most transparent way of collecting the revenue Queenslanders need. 

Company	Main mining activity	Total income ($)	Corp. tax paid ($)
Anglo American Australia Ltd	Coal	$3,995,439,345	$0
Peabody Australia Pty Ltd	Coal	$3,164,469,005	$0
Yancoal Australia Ltd	Coal	$5,755,563,092	$0
Middlemount Coal Pty Ltd	Coal	$747,874,737	$0
Kestrel Coal Group Pty Ltd	Coal	$862,796,908	$0
Ensham Coal Sales Pty Ltd	Coal	$680,188,215	$0
BM Alliance Coal Operations Pty Ltd (BHP/Mitsubishi)	Coal	$987,585,152	$0
Australia Pacific LNG Pty Ltd	LNG	$9,347,824,996	$0
Santos Ltd	LNG	$4,746,037,784	$0
QGC Upstream Holdings Pty Ltd  (Shell)	LNG	$5,870,107,878	$0
Total		$36.2 billion	$0

Source:
ATO Tax Transparency Reports 2021-22: most recent available data.