Labor Will Guarantee Royalties for the Regions

Wealth that’s dug up in regional Victoria should stay in regional Victoria to fund schools, hospitals and roads.

It’s a simple idea, and its time has come – because the critical minerals race has begun.

That’s why a re-elected Carroll Labor Government will establish Royalties for the Regions.

It guarantees every cent that Victoria collects in resource royalties gets invested back into regional Victoria.

Royalties for the regions now – ahead of the critical minerals boom

Victoria has a strong minerals sector, but our mineral wealth has been outmatched by other states for a century.

That’s all about to change, because Victoria is in pole position in the race for critical minerals.

Victoria has major deposits of critical minerals, including antimony, titanium, zircon and rare earths.

Our antimony deposit is one of the largest in the western world.

Our critical minerals endowment is estimated to be worth hundreds of billions of dollars and could create up to 7,000 jobs in north-west Victoria alone.

This past week, a mining licence was approved for the Avonbank Mineral Sands Project in the Wimmera.

And last month, Southern Cross Gold marked a major step towards its Sunday Creek exploration project for a new antimony and gold mine.

Things are moving fast – so will Labor.

We’ll lock in Royalties for the Regions in our next budget.

How Royalties for the Regions works

Western Australia established Royalties for Regions in 2008, setting aside 25 per cent of its royalty revenue to fund a range of services and infrastructure.

In Victoria, we'll go further.

We will create a dedicated funding pool of mineral resources royalties – including coal, gold and critical minerals.

And 100 per cent of it will be protected and invested into the regions.

More than $500 million is forecast to be raised over the next four years.

Our Royalties for the Regions Fund will focus on the basics like schools, hospitals and roads.

It will be dedicated to the regions.

And it is in addition to the significant investments Labor always delivers in regional Victoria.

Liberals and One Nation will implement Cuts for the Regions

Labor has already invested $50 billion in regional Victoria.

We’ll add to it with Royalties for the Regions.

The Liberals don’t have a plan to invest in the regions – they just have a plan to cut.

They have already committed to $40 billion in budget cuts, to schools, hospitals and more.

Promising regional Victoria 25 per cent of your budget is meaningless if there's barely a budget left.

Quotes attributable to Premier Ben Carroll

“Victoria was once the biggest producer of gold in the world, and now we are on the cusp of another boom.”

“If the wealth comes out of regional Victoria, the wealth should go back into regional Victoria – it’s that simple.”

Quotes attributable to Treasurer Colin Brooks

“Better schools, hospitals and roads – that’s what Royalties for the Regions will guarantee.”

“This is a responsible and sustainable way to lock in long-term investment in regional Victoria.”

Quote attributable to Minister for Rural and Regional Development Michaela Settle

“Labor’s Royalties for the Regions means more infrastructure and jobs for regional Victoria – while the Liberals and One Nation are offering Cuts for the Regions.”

“They have already committed to $40 billion in budget cuts. Promising regional Victoria 25 per cent of your budget is meaningless if there's barely a budget left.”