Media Release: A 2.6% coal royalty increase is an insult

The NSW Government has today announced their plans to raise coal royalties by 2.6%, starting July next year.

Quotes attributable to Abigail Boyd, Greens NSW MP and spokesperson for Treasury and Energy:

“A 2.6% increase to coal royalties, with a 12 month delay, is an insult and shows just how cosy with, or fearful of, the fossil fuel industry this NSW Labor government is.

“The Greens have been calling for an increased and progressive coal royalty structure that would bring in increased revenue similar to that enjoyed by Queensland. $2.7 billion over four years isn’t nothing, but it leaves far too much on the table.

“Whitehaven Coal just announced a 37% increase on post tax profits, Glencore 60%. Across the board, these massive coal companies have delivered eye-watering profits, gouging consumers with inflated coal prices.

“In light of the fiscal situation facing the state, and the unreasonably high profit margins of these coal companies, a 2.6% increase to coal royalties is wholly inadequate,” Abigail Boyd said.

 

Media Contact: Angus Hoy 0416 130 969

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