The Shadow Treasurer Dr Steve Thomas says that the release today of the latest quarterly Financial Report by the State Government has reinforced the obvious fact that the Cook Labor Government gets its wealth from the mining sector.
“Today’s report shows that royalty income in the first three months of this financial year was nearly $3 billion, up by $434 million compared to the same period last year” Dr Thomas said.
“$308 million of the total $434 million increase came directly from iron ore royalties thanks to a buoyant price and strong production.
“Payroll tax was also up $143 million, stamp duty up $47 million, and vehicle licencing and registration was also up $47 million.
“The Government did see a reduction in land tax revenue, but only because of “later timing of the issuance of land tax assessments this year” as the Government admitted in the report.
Getting the land tax bills out late dropped that revenue source by $533 million, but the overall taxation revenue was only down $293 million. If the bills had been sent out as usual tax revenue would have been up by $240 million not down.
“It also means that the Government will catch up the $533 million, and perhaps even more, in the next quarter when the land tax bills get paid.”
Expenditure was also up in the September quarter, largely due to an increased wages bill.
“The current mining boom, which started in February 2019 is still going, and still propping up the State Government’s budgets and massive profits” Dr Thomas said.
“Even though the leadership has changed the money bin is still overflowing thanks to royalty income and ever higher state taxes and charges.
“Scrooge McDuck may well have retired, but Donald and Daisy still have cash pouring into the Government’s money bin like never before.
“The Cook Labor Government is still the richest Government in our state’s history, but many in our community are struggling to make ends meet and put a roof over their heads.
“It makes you wonder who is getting the most benefit from the biggest boom any state has seen in our nation’s history.”