South Australia has been robbed of its mineral wealth.
Over the last four years mining corporations have made over $25 billion in South Australia from mineral mining, petroleum and gas, and paid only 5% in royalties. Rather than going toward schools, hospitals and public infrastructure, billions of dollars went into the pockets of multinational mining corporations. The Greens believe there should be more money for schools and hospitals and less for mining billionaires.
We can’t afford another lost four years of mining royalty revenue. It’s time South Australians finally receive a fair deal for resources we all own.
The Greens will:
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Raise the refined mineral and mineral ore/concentrate royalty rates to 20% of the value of the resources |
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Raise the petroleum royalty rate to 25% of the wellhead value of the petroleum |
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Raise an extra $3.8 billion over four years |
How much will IT raise?
The South Australian Greens plan would raise in total $5 billion over four years, which equates to an extra $3.8 billion accounting for existing projected royalty revenue in the 2021/22 South Australian budget estimates. This is an extra $3.8 billion for South Australia’s schools, hospitals and public infrastructure.
While the increase from 5% to 20% for mineral ores and concentrates is substantial there has been no increase to this rate for over 10 years. There would be no change to other mineral royalty rates including industrial minerals, which are comparatively much smaller industries.
