He said the spate of taxes and royalties introduced by both state and federal governments had created policy uncertainty and meant that the Australian industry was losing its competitive advantage.

“The common thread that runs through these tax changes is a worrying complacency about Australia’s place in the world,” he said.

“Underpinning this mindset is the apparent view that Australia’s competitiveness in mine production can never be lost – that more and more tax and regulatory burden can be added without risking the competitiveness of the sector and its contribution to the Australian economy.”

The Australian coal industry was the benchmark for other industries in technology, regulation and taxation but this advantage was now slipping, especially in taxation and regulation.

Australian coal producers had also allowed their cost base to rise in recent years but this was exceeded by the regulatory and taxation burden.

Coal projects in Australia, which now face effective tax rates of about 50%, will also have to pay a carbon tax of about $2.7 billion over the next three years.

Meanwhile, revenues from company tax and royalties from the mining sector have totalled more than $130 billion over the past decade.

“Despite this, some believe this industry is still under-regulated and under-taxed,” he said.

“Anyone who thinks there are super profits being earned in my industry is simply ignoring commercial reality.

“It is surely hard to argue that a sector that has shed 9000 jobs in the last 12 months is enjoying a super profit phase.”