With less than a month out from Parliament sitting to debate the 2018-2019 State Budget, KAP State Leader and Member for Traeger Robbie Katter is questioning the Labor Government’s skills at balancing the books.
“Back in 2010 the Labor Government told Queensland we had a ‘once in a generation opportunity’ to make a killing in the LNG (Liquefied Natural Gas) industry,’’ Mr Katter said.
“Queensland’s LNG Industry report was released in 2010 trumpeting forecast royalty returns of over $850 million a year.
“There was also the $40 billion in private sector investment that would also be generated and 18,000 jobs including 4300 jobs just for the Surat Basin region.
“Well it’s been seven years and I can tell you they didn’t even get close and there’s a lot of people in the regions scratching their heads wondering how all these jobs and money disappeared. I wonder if we will see a repeat of this poor fiscal forecasting in next month’s budget.
Government budget papers reveal revenue for petroleum and gas royalties received by Queensland was just $36 million in the 2015-16 financial year with the most optimistic forecast of $194 million in 2018-2019.
“The State Labor Government also rejected the option of putting aside a percentage of this gas to go to domestic supply,’’ Mr Katter said.
“Since I entered Parliament in 2012, I have echoed the warnings of major energy users that the LNP export industry would damage domestic economic activity.
“Queensland has lost its global competitive advantage in energy and the people of Queensland have received very little in return.
“Their study reported ‘confidence that the existing and future gas markets are adequately supported by the gas reserves available in our state.’
“I think we all know how that turned out, with Prime Minister Malcolm Turnbull having to personally step in to avoid a gas shortage crisis.
“I wonder if the Labor Government will have the time to explain this monumental disparity before the next budget or will it be another mistake they will repeat.’’
Queensland’s 2010 LNP Industry report: https://www.cabinet.qld.gov.au/documents/2010/nov/lng%20blueprint/Attachments/LNG%20Blueprint.pdf