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In a press conference yesterday, Queensland Treasurer Andrew Fraser said there would be no tax increases in the next budget, but according to the Brisbane Times he also ruled out any rise in mining royalties.

With Opposition Leader Lawrence Springborg already committing to no tax rises if elected, QRC chief executive Michael Roche said he welcomed the news.

“It’s an important signal to the current operators and future investors that the next state government is committed to maintaining a stable regime of taxes and royalties for minerals and energy developments in Queensland,” Roche said.

“While governments in Australia cannot influence global demand for our products, they can ensure that our best-performing industries are well-placed to not only weather the storm but come through it in stronger shape to take advantage of an inevitable rebound in minerals and energy demand.”

In the last budget the Queensland state government introduced a new two-tier royalty regime where mining companies pay 10% on every tonne of coal sold at $100 or more. Coal sold below the figure has the previous royalty rate of 7%.

The state election will be held on March 21.