It’s all about securing best deal for Queenslanders

STATE Cabinet has unanimously agreed to a new policy approach for the future development of the Galilee and Surat basins and the North West Minerals Province.

My Government is determined to secure the best deal for Queenslanders and opens up the state to more jobs, more investment and more royalties.

Opening up these three regions for development has the potential to support thousands of new jobs that are needed in regional centres along the coast as well as in outback Queensland.

This will squeeze every dollar and every job out of these projects.

Under this new policy, the Adani Carmichael mine will pay every cent of royalties in full. There will be no royalty holiday for the Adani Carmichael mine.

All royalties will be paid and if they are deferred will be paid with interest.

All greenfield projects approved after the completion of comprehensive environmental impact assessments by State and Commonwealth agencies will abide by the following principles:

• all royalties due to the state are paid over the term of any agreement ( inclusive of interest foregone costs), with security of payment and no adverse budget impact to the state;

• any agreement with a proponent will not involve the direct expenditure of public funds in the project or in directly related economic infrastructure for that project ( noting that Government Owned Corporations ( GOCs) may still supply economic infrastruc- ture on commercial terms to resource project proponents);

• the provision by the proponent of third party access infrastructure or other acceptable economic infrastructure to the state; and

• projects must have significant regional employment, generation of royalties and economic opportunity benefits, such as potential to assist in opening up undeveloped resource basins. ANNASTACIA PALASZCZUK,

Premier of Queensland.