Mining expected to produce extra $ 2b in royalties

THE mining industry is on course to deliver an extra $ 2 billion in a royalties windfall to Queensland.

Coking coal, one of the state’s biggest exports, trades on the spot market for almost $ US200 ($ 254) a tonne, more than 50 per cent above where Treasury forecast it to be for the year. If it stays there, it will add $ 1.8 billion to the royalties bill.

It comes as Queenslanders return to the workforce, but increasingly just for part- time jobs and a pay packet falling behind that of the rest of the country, according to Australian Bureau of Statistics data.

Queensland’s unemployment rate fell to 6.2 per cent from 6.5 per cent ( seasonally adjusted) and Premier Annastacia Palaszczuk was yesterday pointing to the 94,000 jobs created since Labor won office, but only a few thousand have been full- time jobs.

Nationally, about one million people are underemployed, according to the unions.

On the seasonally adjusted data, about 70,000 jobs have been created in the past year in Queensland and 60,000 of those were part- time.

Falling unemployment and rising commodity royalties will be welcome news for the State Government.

Queensland Resources Council chief Ian Macfarlane believes India will be a strong market for Queensland coal into the future.

Prices for Queensland commodities, such as copper, nickel, zinc, aluminium and lead, have steadily increased over the past nine months.

The LNP yesterday used ABS data to show Queenslanders were now $ 1200 a year behind the income level earned by the rest of the country since it won office.

Treasury spokesman Scott Emerson said since 2015, the state’s pay packets had increased by 1.6 per cent, compared with 3.6 per cent across the country.

But Treasurer Curtis Pitt said the data showed the Government’s economic plan was working to lift growth, build confidence, foster investment, and generate jobs.