A new progressive coal royalties bill, which will protect coal producers and jobs, and ensure a fair coal return to Queenlanders, has passed through parliament without opposition.
Progressive coal royalties will commence on 1 July 2022, ending the ten-year royalty freeze.
Queensland Treasurer, Cameron Dick, said no member of parliament voted against progressive coal royalties, nor did any party express opposition to the substance of new progressive coal royalty tiers.
“I am pleased there were no votes cast against progressive coal royalty tiers from members representing the Liberal National Party (LNP), Katter’s Australian Party (KAP), One Nation, or the Greens political party,” Mr Dick said.
“This can be contrasted to the 2019 budget revenue bill, when the LNP voted against higher gas royalties.
“This demonstrated support for progressive coal royalties from across the political spectrum is good news for coal producers, promising policy stability as these arrangements will not be politicised either now or in an election environment.
“With royalty arrangements now settled with support across the political spectrum, Queensland’s partnership with industry will be renewed through the new Queensland Resources Industry Development Plan.”
Mr Dick said new progressive coal royalties ensure a fair return to the people of Queensland when profits are extraordinary, but will protect coal producers and coal jobs should prices decline.
“Unlike the LNP Government’s actions in 2012, we have not jacked up coal royalties on low prices in the middle of a downturn, and we’re pleased all parties have seen the good sense of Labor’s approach,” he said.
“Financial markets also agree, with continued strong investment interest in Queensland resources, including coal.
“Share prices for our coal producers continue to perform strongly, demonstrating our royalty changes are good for Queensland and good for business.”
The Revenue Legislation Amendment Bill 2022 passed the Legislative Assembly on Friday 24 June 2022 without opposition. The Revenue Bill is distinct from the Appropriation Bills, which are voted after completion of the estimates process.
