Resources leaders have delivered mixed reviews of the Queensland Budget this week, warning the government will need longer-term thinking to best leverage the state’s mining sector.
Treasurer David Janetzki’s first budget included a $5.1 million allocation that aims to accelerate mineral exploration across the state. This will assist in the development of targeted geoscience initiatives and data technologies to provide industry-ready intelligence.
Miners will also be able to benefit from an $8.5 million provision for the operation of the Queensland Resources Common User Facility, a Townsville-based hub for sample production, training, and project commercialisation.
In Mount Isa, where some long-established mines are set to close this year, $30 million has been allocated to an acceleration program aimed at bringing new projects online faster.
Minister for Natural Resources and Mines, Manufacturing, and Regional and Rural Development Dale Last said the Budget would strengthen Queensland’s economy by backing industry and removing red tape.
“We’re backing the resources sector with targeted investment to fast-track exploration and support the Queensland Resources Common User Facility, giving proponents the confidence to invest and get projects moving,” he said.
But the Association of Mining and Exploration Companies (AMEC) said funding had also been removed from a key project, with $10 million over four years discontinued from the Collaborative Exploration Initiative (CEI).
“The CEI shouldn’t be taken for granted, with exploration the lifeblood of the resources industry,” AMEC chief executive officer (CEO) Warren Pearce said. “Queensland risks losing investment opportunities, especially in the North West Minerals Province, where prospective copper projects have the potential to provide economic growth for the state economy.”
The Queensland Resources Council also weighed in on the budget, noting that it highlighted the need for greater investment in the mining sector and a reform of the current royalties regime, which has been extended until the end of the 2028–29 financial year (FY29).
“Global demand for our resources remains strong, but only if the government can deliver a long-term plan that encourages capital investment,” QRC CEO Janette Hewson said.
Resources sector royalties fell from $12.8 billion in FY24 to an expected $7.9 billion in FY25. Lower coal prices have reduced mining revenue to the state and have also coincided with rising operational costs.
