Progressive Coal Royalties Protection (Keep Them in the Bank) Bill 2024
Bill Journey
Referred to Cost of Living and Economics Committee
Referred to Cost of Living and Economics Committee
Became Act 52 of 202419 Sept 2024
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Plain English Summary
Overview
This bill locks in Queensland's progressive coal royalty rates by preventing them from being reduced through regulation alone. Any future government wanting to lower coal royalties must pass legislation through Parliament, ensuring public debate and transparency.
Who it affects
Coal mining companies cannot lobby for quiet regulatory changes to reduce royalties. Future governments must publicly debate any royalty reductions in Parliament.
Key changes
- Creates a 'royalty rate floor' preventing coal royalty rates from being lowered by regulation
- Any reduction to coal royalty rates must now be passed as primary legislation through Parliament
- Increases to royalty rates can still be made by regulation
- Commenced immediately upon assent