Export volumes might be booming, but falling commodity prices has meant that the Queensland Budget is facing a $3 billion hit to royalty revenues. From ABC News:
Treasurer Curtis Pitt said he expects mining royalties to be $2.7 billion less than had been forecast six months ago.
State taxes are expected to be $350 million lower than in the mid-year budget update.
“Three billion is a significant writedown over the forward estimates and what we’ve seen is the deterioration since the last budget has been more than $4 billion,” Mr Pitt said…
Well…maybe you should not have had a ridiculous price and volume forecast in the well trodden path of Budget lies.
Yet another example Australia’s “income recession”, whereby rising GDP is colliding with falling income, which is pressuring both government revenues and Australian living standards.
