SYDNEY, Sept 11: Australia’s resource-rich state of Queensland raised taxes on coal miners today aiming to raise up to 1.66 billion dollar in extra revenue, just a day after miners announced cutbacks to deal with falling prices and rising costs.
In a belt-tightening first budget, the Liberal National Party (LNP) government announced about 14,000 public sector job losses in an effort to return to surplus by 2013/14, after a run of deficits.
From October, Queensland will increase the rate on coal royalties to 12.5 per cent for prices between 100 Australian dollar and 150 Australian dollars per tonne, and to 15 per cent for anything higher.
The state government said it would give the industry certainty by guaranteeing no change to coal royalty rates for the following 10 years.
(1 dollar = 0.9650 Australian dollar) (AGENCIES)
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