The Queensland Resources Council is pushing a $1 billion ‘Maroon Fund’ to sink a Federal Budget coal windfall into Queensland projects.
QRC chief executive Ian Macfarlane said based on Federal Treasury’s calculations, the higher than projected metallurgical coal price would provide an extra $1.2 billion in company tax for the balance of this financial year and next financial year (2019-20).
Mr Macfarlane said he urged Prime Minister Scott Morrison and Opposition Leader Bill Shorten to ensure they committed the extra $1 billion to a Maroon Fund.
“Queensland produces the lion’s share of Australia’s metallurgical coal. Queenslanders deserve this billion-dollar unbudgeted windfall reinvested back into their State, where the coal was produced and exported from,” Mr Macfarlane said.
“For every Queenslander, that extra $1 billion counts. Indeed, that extra revenue is the equivalent of $200 for every man, woman and child living in Queensland.”
He urged community groups, charities, local councils and other industries to nominate their project and cause for the Maroon Fund.
“The continuing drought and recent flooding rains have demonstrated the steely resolve of Queenslanders, but it has created a lot of need. That should be a priority for the Maroon Fund,” he said.
“So should important services such as health and education to support the work in our hospitals and in our classrooms.”
The Maroon Fund initiative
form can be downloaded at https://www.qrc.org.au/nominations/maroon-fund/
Mr Macfarlane said the resources sector was already doing its bit to keep Queensland strong – making a contribution of more than $62 billion to the State’s economy or one in five dollars, supporting more than 316,000 full-time equivalent jobs or one in eight jobs in the Queensland workforce, generating more than 80% of the State’s record $80 billion annual export sales and working with 1260 community organisations.