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Qld laws 'hurting resources investment'

The Queensland Resources Council says state government legislation is scaring investors away from the industry.

2 min read

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Source: AAP


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Investment in Queensland's resources industry is being put in jeopardy by a raft of state government legislation, the state's peak mining body says.

The Queensland Resources Council on Monday released its State of the Sector survey, which found just 13 per cent of industry CEOs backed Queensland as a better place to do business than other states.

QRC chief executive Michael Roche says industry confidence was at a five-year low, pointing the finger at state government regulations.

Mr Roche particularly singled out the government's chain of responsibility laws, which were introduced to ensure Clive Palmer would be held liable for the environmental clean-up at his Queensland Nickel refinery in the state's north.

"The so-called chain of responsibility laws, seemingly brought into existence to target one person and one project ... was unnecessary legislation," he said.

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Mr Roche said the government could have required Mr Palmer to provide a rehabilitation bond for his nickel refinery, but never did so.

He said unintended consequences of the rushed legislation, which had minimal consultation, were now starting to emerge.

"This legislation is so far-reaching and has created so much uncertainty that investors are now putting their plans on hold," he said.

"We even had the situation where one of our major banks refusing to provide finance to a project, which should have been a straight-forward transaction."

Environment Minister Steven Miles defended the legislation, saying the laws were welcomed by the community and would be applied in other cases such as Linc Energy's demise.

"So I think, once the dust settles, people will see that they are being used responsibly and the fears expressed by some are unfounded," Dr Miles said.

However, Mr Roche said other state government decisions were also hurting the industry, including increased Land Court objection rights, Adani Carmichael coal mine delays and the ban on underground coal gasification.

Hefty local government rate increases were also having an impact, he said.

Mr Roche said he has sought a meeting with Premier Annastacia Palaszczuk and her ministers but was yet to receive a response.


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