Miles Labor Government safeguards progressive coal royalty tiers

• Miles Labor Government safeguards progressive coal royalty tiers from LNP’s tax cuts
• Progressive coal royalties have delivered $9.4 billion for Queenslanders since introduced two years ago
• The Progressive Coal Royalty Protection (Keep it in the Bank) Bill 2024 forces the LNP to change legislation before David Crisafulli can reduce royalty rates

The Miles Government has passed the Progressive Coal Royalty Protection (Keep it in the Bank) Bill 2024, providing a safeguard from LNP Leader David Crisafulli’s tax cuts for multinational companies.

The Government’s progressive coal royalty tiers have delivered $9.4 billion in extra revenue for Queenslanders since they were introduced two years ago.

Thanks to progressive coal royalties the Miles 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 off the back of the same global inflation that was hurting Queenslanders’ budgets.

The tiers also ensure mining companies continue to pay lower rates when international coal prices are low.

The progressive coal royalty tiers make sure Queenslanders receive a fair return on the coal that belongs to them.

The Progressive Coal Royalty Protection (Keep it in the Bank) Bill 2024 ensures the legislation must be amended in the Queensland Parliament before royalty tiers can be reduced.  

This is vital as LNP Leader David Crisafulli and his shadow ministry have been currying favour with the mining lobby, meeting with coal interest groups more than 30 times in the past five months.

Quotes attributed to Deputy Premier and Treasurer Cameron Dick:

“Queenslanders deserve a fair share from the coal resources that rightfully belong to them, and our progressive coal royalty tiers are delivering just that.

“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.”

ENDS

Media contact: Campbell Gellie 0433 987 744