Progressive Coal Royalties Protection (Keep Them in the Bank) Bill 2024

Overview

This bill locks in Queensland's progressive coal royalty rates by preventing any future government from lowering them through regulation alone. It was introduced after the then Leader of the Opposition signalled at a Queensland Resources Council event that coal royalties could be changed, prompting the government to require that any reduction must be debated and passed as legislation through Parliament.

Who it affects

All Queenslanders have an interest in coal royalty revenue, which funds public services. Coal mining companies and future governments are directly affected, as any royalty reduction now requires a Bill to pass Parliament rather than a simple regulatory change.

Key changes

• Creates a legislative floor on coal royalty rates — they cannot be lowered by regulation
• Any future reduction to coal royalties must be introduced and passed as a Bill through Parliament
• Increases to coal royalty rates can still be made by regulation as before
• Covers all regulatory mechanisms: new regulations, amendments to existing regulations, and repeals
• Commenced on assent with no transitional period