29/11/2017 - 12:25

Gold royalty hike canned

29/11/2017 - 12:25

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Treasurer Ben Wyatt says the state government will drop its proposal for a gold royalty hike after a revised plan was blocked in the Legislative Council last night.

Gold royalty hike canned
Ben Wyatt says the government will drop its proposal

Treasurer Ben Wyatt says the state government will drop its proposal for a gold royalty hike after a revised plan was blocked in the Legislative Council last night.

The government was forced to update its proposal, which was budgeted to raise more than $300 million over four years, after strong opposition from the Liberal Party and mining industry groups.

The new plan was crafted to protect the interests of small miners and high-cost operators, which said they could be forced to shut down if the previous proposal had been implemented.

However, the new proposal was criticised by the opposition and the mining industry, and a disallowance motion was passed in the upper house to block the move last night.

Mr Wyatt shared his frustration at the situation but said further changes to the proposal were not on the agenda.

“I’m obviously disappointed, these changes resolved all the grievances the industry and opposition raised during the first round, but it’s clear that they have no interest in playing a role in fixing the state’s financial problem,” he said.

“There are no further plans at this stage to revisit the issue.

“We have to accept the reality in which we operate and we clearly aren’t dealing with a Liberal Party that is ready yet to help fix the mess they created.”

Chamber of Minerals and Energy of Western Australia chief executive Reg Howard-Smith welcomed the news.

"Now that the uncertainty caused by the proposal has passed, the sector will now focus its efforts on increasing its exploration activities to create more jobs and attract investment in Western Australia," he said. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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