The Queensland Greens are demanding the LNP release the details of its secret deal with Adani and pursue underpaid royalties, after it was revealed Queenslanders have missed out on almost $400 million in public funds.
Greens MP for Maiwar Michael Berkman:
“This company has failed to deliver on jobs, failed to deliver on community infrastructure, failed to pay a cent of corporate tax, and now we know they’ve failed to pay the royalties that Queenslanders are due.
“Adani has stolen $400 million from our schools, our hospitals, our housing system.
“That money could have funded a public housing developer or a year of free school breakfasts, and instead it’s lining coal bosses’ pockets.
“From Labor’s royalties deferral to the LNP’s sweetheart deal, these corrupt climate criminals have ripped us off for too long.
“Premier Crisafulli needs to show some guts and get Queenslanders’ money back.”
Background
- New research conducted by The Australia Institute reveals Adani (now known as Bravus) sold coal at “mates rates” to reduce its liability for royalties payments by almost $400 million. This includes selling coal to Indian buyers for just $100 per tonne, during a period where the relevant benchmark price was $280 tonne.
- It’s unknown whether these buyers were related entities to Adani, however the company does have a record of exploiting complex corporate structures with related entities to avoid paying any federal tax since opening its Carmichael mine 3 years ago.
- The previous Labor Government’s “Transparent Royalties Framework” deal with Adani was never made available to the public, but media reporting suggests Queensland Treasury was, under the previous Government, investigating Adani in court for not meeting its royalty obligations even under that deal.
- In August, the LNP secretly negotiated a deal with Adani to further defer royalty payments, and abandoned the government’s court case regarding royalty underpayments.
- The Greens have called for higher royalty rates to apply to all mining, raising billions of extra revenue for public services while fossil fuels are phased out.