Super-profits royalties Bill introduced for Queenslanders

• • Progressive Coal Royalties Protection (Keep Them in the Bank) Bill to secure enduring benefits for Queenslanders
  • Coal royalties have provided $16 billion into the Queensland economy
  • Coal royalties fund nation leading cost-of-living relief

The Miles Labor Government has introduced new legislation to keep Queensland progressive coal royalties in the hands of Queensland taxpayers, and deter the Liberal National Party from giving multinational coal companies a tax cut.

Deputy Premier, Treasurer and Minister for Trade and Investment Cameron Dick introduced the Progressive Coal Royalties Protection (Keep Them in the Bank) Bill 2024 into Queensland Parliament today.

The progressive coal royalty rates, introduced as part of the 2022 Budget, make sure Queenslanders are compensated fairly for the sale of the state’s valuable and limited natural resources when coal prices are high.

The Bill ensures Parliamentary consideration will be required for any proposed changes that would lower progressive coal royalty rates.

The additional revenue raised from coal royalties, including the new tiers, has allowed the government to invest more than $16 billion in critical economic and social infrastructure and essential services across all regions of the state, including in coal producing regions.

Progressive coal royalties have also funded the $1000 rebates that every Queensland household will receive off their electricity bill from 1 July.

The progressive nature of the royalty tiers means they only apply during periods of high prices, when coal producers are benefitting from extra-ordinary returns.

Speaking about royalties at a Queensland Resources Council lunch earlier this year, Opposition Leader David Crisafulli told multinational mining companies, “what we take to the election at the end of this year you will be able to take to the bank”.

Quotes attributable to the Deputy Premier, Treasurer and Minister for Trade and Investment Cameron Dick:

“David Crisafulli has had over 700 days to tell Queenslanders his clear position on progressive coal royalties, but once again he remains a small target.

“With less than 22 weeks until the State Election, enough is enough.

“David Crisafulli needs to come clean with Queenslanders and he needs to do it now.

“The best way to keep progressive coal royalties as they are and protect them for the future is to vote for the Miles Labor Government in October.

“The second best way is the Keep Them In The Bank Bill.”

Further information:

• Coal royalties are paid by mining companies to the people of Queensland in exchange for the right to mine their coal. Find our more: Coal royalties - Queensland Treasury

ENDS

Media contact: Campbell Gellie 0433 987 744