NSW Treasurer Daniel Mookhey says the state’s coal producers will be taxed more – and the cost to householders will be less than $6 a year.
The NSW government will raise $2.7 billion by hiking coal royalties for the first time in 15 years, with Treasurer Daniel Mookhey saying “every dollar” will be reinvested into rebuilding essential services and cost of living relief.
Opposition leader Mark Speakman said the royalty hike was a “$2.7 billion tax grab” and a “broken election promise”, underlining Mookhey’s pre-election promises of no new taxes. The rate would increase to 10.2 per cent for open cut mines, 9.8 per cent for underground and 8.8 per cent for deep underground.
“This would be a significant additional cost for any business or industry to manage and will present challenges for NSW coal producers facing higher operating costs,” he said.But warnings of job cuts and withdrawals of private investment did not materialise, as Galilee welcomed the end of the $125 per tonne cap on coal prices, which he argued had “done nothing to reduce power price”.
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