The Queensland Government’s new Bill will mean that legislation must be amended in Queensland Parliament before coal royalty tiers can be reduced.
The State Government’s Progressive Coal Royalty Protection (Keep it in the Bank) Bill 2024 provides a safeguard from tax cuts for multinational companies.
The State Government’s coal royalty tiers have delivered $9.4 billion in extra revenue for Queenslanders since their introduction two years ago. Thanks to the progressive coal royalties, the State Government has delivered record cost-of-living relief for Queenslanders at a time when they were feeling the pinch from global inflation.
At the same time, Queensland’s mining companies made record profits from the same global inflation that was hurting Queenslanders’ budgets.
The progressive coal royalty tiers ensure Queenslanders receive a fair return on the coal that belongs to them. The tiers also ensure mining companies continue to pay lower rates when international coal prices are low.
Queensland Deputy Premier and Treasurer, Cameron Dick, said Queenslanders deserve a fair share from the coal resources that rightfully belong to them.
“The Progressive Coal Royalty Protection (Keep it in the Bank) Bill 2024 protects Queenslanders’ interest in the coal that belongs to them.
“Now the Bill has been passed in the Queensland Parliament, Queenslanders can’t receive a smaller return on their coal resources without this legislation being amended in the Queensland Parliament.”
Featured image: Mr. Tempter/shutterstock.com
