Big business doesn’t ‘deserve’ election tax promise, Labor says
By Matt Dennien
The news
Queensland’s Labor government has refused to rule out new taxes on big business if re-elected next month, but said while they didn’t “deserve” the promise, none were planned.
Senior figures including Premier Steven Miles and Treasurer Cameron Dick announced what was described as an economic policy at an early campaign event in Cairns on Saturday.
The choice to single out big business follows criticism of Labor, particularly from the resources sector and LNP, for its broken 2020 campaign promise of no new taxes.Credit: Matt Dennien
“The policy guarantees no new or increased taxes on the people of Queensland or on small and medium-sized businesses,” a Labor campaign media release stated.
“The policy also guarantees no decrease in coal royalty tiers, while delivering budget operating surpluses across the economic cycle.”
Why it matters
The choice to exclude big business follows criticism of Labor, particularly from the resources sector and LNP, for its broken 2020 campaign promise of no new taxes.
Treasurer Cameron Dick, now also deputy premier, then increased coal royalties and introduced a mental health levy on big businesses in 2022 and since denied the promise.
While the detail-light announcement was used to pressure the LNP to outline its own plans, the Greens have also been pushing for higher coal royalties to help fund programs.
June’s budget – which included an internal savings effort – forecast a $2.6 billion deficit this financial year and a $515 million one in 2025-26, before a return to modest surpluses.
What they said
At a media conference in the far north city, before the campaign’s official start on Tuesday, Dick and Miles repeatedly described references to the 2020 tax promise as “incorrect” and a “complete and utter lie”.
“What you’ve seen from us in the last term is where it was appropriate to increase taxes on coal companies because they were making record profits, or on big business so that we could fund mental health care for their workforces ... we did so,” Miles told journalists.
“And in criticising those taxes, [LNP leader] David Crisafulli has indicated that he doesn’t support them, despite the fact that he also says he does support them.”
Pressed on whether Labor was planning new big businesses taxes, Dick said they were not – while citing “awful behaviour” detailed by the grocery giants this week.
“We don’t have any plans to impose any further taxation on big business, but I don’t think any Queenslander … would think that big supermarkets or big banks or big coal companies deserve to get the benefit of an election promise on tax.”
Another point of view
Last week, Crisafulli said the LNP’s long-promised tax plan would be released after campaign announcements were made.
He largely repeated this at a Caboolture media conference on Saturday, suggesting nothing Dick said today “should hold one ounce of water” because of the 2020 promise.
If elected, the LNP has promised lower taxes and debt, no changes to coal royalties next term and no forced public service redundancies.
Pressed on how this could be achieved, Crisafulli has cited a mix of stopping consultancy spending and ensuring big projects were finished on time and budget.