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Liberal party rejection sinks Western Australia's planned gold royalty increase

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Liberal party rejection sinks Western Australia's planned gold royalty increase

Western Australia's Liberal party unanimously voted against a proposed gold royalty increase, which was part of a bid to cut the state's debt, The Sydney Morning Herald reported Oct. 10.

The Mark McGowan-led government's plan was relying on support from the Liberals, as other MPs voted against the proposal to increase gold royalties from 2.5% to 3.75%.

"The McGowan government did not seek nor receive a mandate to increase gold royalties at the March election," Liberal party leader Mike Nahan said, according to ABC News.

In the report, Nahan said Liberal MPs would support a disallowance motion in the state's upper house to block the proposed royalty rise. He alleged that Labor's plan to hike gold royalties was never about budget repair but was to fund its A$5 billion election spending.

The proposed royalty increase would have added nearly A$400 million to the state's coffers, while gold exploration in the region was expected to take a hit in the process.