MORE THAN 400 global business leaders and senior officials from 36 countries will converge in Sydney for the 2019 World Forum for Foreign Direct Investment from today, June 17.

NSW Minister for Jobs, Investment, Tourism and Western Sydney, Stuart Ayres said the three-day forum funded by the NSW Government would provide an opportunity to attract global investment to key industry precincts being developed across the State.

“The World Forum for Foreign Direct Investment has been secured for Sydney for the first time and brings global business leaders and government officials together to discuss international investment issues and opportunities,” Mr Ayres said.

Delegates will tour key investment precincts, including the Western Parkland City, Westmead Health, Education and Research Super Precinct and Sydney Innovation and Technology Precinct to promote business opportunities in defence, aerospace, startup and tech, health and medtech, manufacturing, agribusiness, and education sectors.

“The investment appeal of our regions will also be championed including the Special Activation Precincts being developed in centres like Parkes and Wagga Wagga,” Mr Ayres said.

“Sydney is the ideal host for this important forum as Australia’s business capital. NSW has the  lowest unemployment rate of any state and a flourishing economy that has seen 28 years of consecutive growth.”

Lyn Lewis-Smith, CEO of BESydney, which secured the world forum for Sydney, said such global gatherings provide “long tail benefits” above the expenditure of delegates. 

“Forums like these help deliver on economic development goals, attract investment and talent, creating a focused time and place to form vital relationships for cross-border investment," Ms Lewis-Smith said.

The World Forum on Foreign Direct Investment is taking place from June 17-19 in Sydney. 

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THE QUEENSLAND Government’s 25 percent gas royalty hike will translate into a slug of more than $13 million a year on Queensland industry and households through higher energy costs, the Queensland Resources Council (QRC) said today.

 QRC chief executive Ian Macfarlane said it was likely the cost of the tax hike would be passed on directly to consumers.

“When you put up taxes someone has to pay, and in this case unfortunately that means that domestic gas users will have to reach further into their pockets,” Mr Macfarlane said.

“Domestic industry and manufacturers have been struggling under the weight of higher gas bills, which can run into the millions of dollars already.

"An extra tax hit of more than $13 million a year will make Queensland manufacturers less competitive and it will have a bigger flow-on effect for other Australian businesses that rely on Queensland gas.

“Up until now the Palaszczuk Government has been taking sensible measures to supply domestic industry with affordable and reliable gas, including through domestic gas only acreage releases.

“A 25 percent gas royalty tax increase could prove to be self-inflicted economic damage.

“QRC has urged the Queensland Government to exclude domestic gas from the royalty tax increase and to delay the introduction of any gas royalty increase until January 1 2020 to address confusion about the legislation," Mr Macfarlane said.

“Under the new legislation, the tax increase is applied retrospectively to January 2019.

 “Queensland’s resources sector pays its fair share of tax and we are ready to work in close consultation with the State Government on its plan for a longer term gas royalty review.

“We are also seeking a meeting with the Treasurer to discuss a longer term freeze on coal and mineral royalty taxes.

"Queensland’s reputation as a safe place to invest depends upon stable and transparent laws and regulations and a commitment to open and good faith consultation.”

 Queensland’s oil and gas industry supports more than 39,000 full time jobs, both directly and in supporting industries, according to the QRC

www.qrc.org.au

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The Queensland Resources Council has welcomed the approval from the Queensland Department of Environment and Science for the Adani Groundwater Dependent Ecosystems Management Plan.

QRC Chief Executive Ian Macfarlane said the finalisation of the plan meant the project could now get underway and start delivering returns to Queensland.

“Every investment in resources projects benefits all Queenslanders. Our resources sector employs more than 315,000 people, mainly in regional Queensland, and this year alone is returning $5.2 billion to the state budget,” Mr Macfarlane said.

“All Queenslanders should welcome new investments in resources projects whether they’re coal, gas or other minerals.

“The Adani Carmichael mine is one of six in the Galilee Basin that could create tens of thousands of jobs in construction and operation and deliver billions of dollars in royalties over their working life span.

“Mining jobs are typically highly skilled, high-tech and high-paying, and they support local communities across Queensland. The mining sector also provides economic returns and career opportunities for Indigenous Australians.

“Resources projects in Queensland are subjected to rigorous approval processes to ensure they proceed in a way that benefits our state and deliver world-leading environmental outcomes.

“Each project should be reviewed according to consistent requirements and on consistent timetables.

“QRC welcomes the recent decision from the Premier to ensure the Coordinator-General plays an overarching role for the approvals process, and we welcome the LNP’s commitment to a more structured approval process for mining projects.

“The Queensland Parliament should also act swiftly to reject the Greens’ job-destroying Mineral Resources (Galilee Basin) Amendment Bill 2018 (Qld) which wants to ban all mining in the Galilee.

“The Adani project has undergone eight years of planning and assessment at both the State and Commonwealth level.

“Everyone should accept this ruling and let the project proceed. Queenslanders have sent a very clear message that the stalling tactics of activists must stop.  

“Central Queenslanders and North Queenslanders are ready to get on with these jobs and deliver for our entire state.”

THE Queensland Resources Council (QRC) has called on the Palaszczuk Government to delay the implementation of any gas royalty increase to January 1, 2020 to allow industry and Government to work through confusion in the draft legislation. 

“As it currently stands, the 25% increase in gas royalties on domestic and export gas will damage industry viability and increase costs to the electricity and domestic processing and manufacturing sectors,” QRC chief executive Ian Macfarlane said.

“Increasing the cost of gas to Queensland businesses puts their viability and jobs at risk. Of particular concern is the retrospective introduction of the royalty increase to 1 January, 2019 which will be passed through as an additional charge to gas consumer companies which have already produced and sold their electricity and goods. 

“The gas industry understands its role in delivering returns for all Queenslanders, but the shock tax increase announced in this week’s budget will undo all the benefits Queensland has secured by being the only East Coast state to develop its own gas.

“We’re calling on the Premier and the Treasurer to hold off on any royalty increase until January 1 2020, instead of rushing it through the Parliament and adding to the existing confusion on domestic gas royalty impacts. 

“Currently, the legislation for the gas royalty increase risks pricing Australian LNG exports out of the international market and perversely making domestic gas more expensive for industry users here in Australia," Mr Macfarlane said.

"At the very least there should be an exemption for gas sold on the domestic market. We’re calling on the Treasurer to make that commitment as soon as possible.

“Queensland is the only East Coast state producing new gas resources to supply the domestic market. Given production in the Bass Strait is declining, that means Queensland gas will be more important than ever. 

“At the height of the East Coast gas supply squeeze, the ACCC said transport costs from Queensland to southern markets were already adding at least an extra $2 a gigajoule to the price for domestic users.

"Even though the price of gas has since come down from those peaks at which domestic users were being offered contracts at about $20 a gigajoule, nothing can reduce transport costs.

“Adding on the extra 25 percent royalty tax will mean more expensive gas for export and more expensive gas for domestic users.

“The QRC looks forward to meeting with Premier Palaszczuk and the Treasurer as soon as possible to address these significant concerns with the legislation.”

www.qrc.org.au

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