The Queensland Government has officially passed the Progressive Coal Royalty Protection (Keep it in the Bank) Bill 2024, amending the coal royalty regime under the Mineral Resources Act 1989.
The Minerals Resources Act 1989 aims to encourage and facilitate the exploration and mining of minerals, while supporting environmental responsibility and responsible land care management.
The legislation now includes the Progressive Coal Royalty Protection (Keep it in the Bank) Bill 2024, which has introduced a coal royalty rate floor stating “a regulation cannot prescribe coal royalty rates which are lower than those prescribed from time to time”.
This means progressive coal royalties cannot be removed or amended without prior positive endorsement from the Queensland Parliament.
“Queenslanders deserve a fair share from the coal resources that rightfully belong to them, and our progressive coal royalty tiers are delivering just that,” Queensland Deputy Premier and Treasurer Cameron Dick said.
“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.”
The progressive coal royalty rates were originally introduced in Queensland’s 2022 Budget.
Since then – according to the Queensland Government – the rates have delivered $9.4 billion in extra revenue for Queenslanders, ensuring the Queensland community is fairly compensated for the sale of the state’s natural resources.
The new coal royalty bill passing coincides with Queensland gearing up for its 2024 state election set to take place on October 26.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
