Coal super tax to be legislated, 'protecting' royalties

A divisive super tax on coal profits will be enshrined in Queensland law to protect the flow of royalties, the state government says.

Deputy Premier Cameron Dick on Thursday introduced a bill requiring legislative changes for any modifications to Queensland's coal royalties.

The reforms were ushered in ahead of the October state election, making it harder for future governments to alter the controversial royalty hike.

"Protecting progressive coal royalties from the LNP (Liberal National Party) is the reason we brought this legislation in," Mr Dick told reporters.

"They've been a non-stop critic of that...they are willing to cut these and we are going to protect them for Queenslanders."

The LNP opposition previously backed the government's reforms, voting in support of the measures they fund in the budget's four-year forward estimates.

"The LNP has twice voted to support the coal royalties regime in the Queensland budget and publicly supported the regime and measures they fund across the forward years of the budget," a spokesperson said.

"The LNP will follow its long-standing practice of considering this legislation, which is clearly another political game.

"But wouldn't it be a lump of coal for Labor's farcical scare campaign if the LNP does support the legislation?"

Lobby groups have taken aim at the tax which has pumped billions of dollars into the state's economy since July 2022.

coal super tax to be legislated, 'protecting' royalties

Deputy Premier Cameron Dick says about 44,000 people work in the coal industry in Queensland. (Darren England/AAP PHOTOS)

The Queensland Resources Council accused Mr Dick of playing political games and said the legislative changes only made the Sunshine State less appealing to investors.

"The legislation announced by the government sends a very negative message to the international investment community," chief executive Janette Hewson said.

Multinational mining giant Anglo American has also recently announced it will sell its five Queensland steelmaking coal interests in the Bowen Basin.

BHP has launched a bid to take over Anglo which has announced plans to refocus on copper.

Mr Dick backed investor confidence and the Queensland coal industry.

"That confidence has seen BHP reverse a two-decade policy to now seek new growth in Queensland through the prized mines of Anglo American that they want to purchase," he said.

"We're seeing significant investment and that's resulting in record jobs... the highest number of jobs ever in the Queensland coal industry, about 44,000 as of December last year."

The royalties regime ensures miners pay a larger proportion of tax for any coal sold for more than $175 a tonne.

Coal royalties have supported Queensland's post-pandemic boom with forecast revenue expected to be $9.4 billion over five years.

The super tax will also be used to fund $1000 energy rebates for Queensland households at a cost of $2.5 billion.

OTHER NEWS

33 minutes ago

Rory McIIroy must hunt down dominant Bryson DeChambeau in US Open to end major drought

33 minutes ago

Commanders Lose Kicker Target To Lions

33 minutes ago

Biden creates path for hundreds of thousands of undocumented migrants to gain legal status

33 minutes ago

A bank doled out $19 million to two executives just to keep them from walking away—but there are strings attached

33 minutes ago

Vikram Rathour quashes 'disciplinary issues' rumours, reveals reason for Shubman Gill, Avesh Khan's release from T20 WC

33 minutes ago

NBA Finals 2024: Takeaways from a stunning Mavericks blowout

33 minutes ago

Sunak was 'briefed' after Russian submarine detected near UK coast

33 minutes ago

British tennis ace Tim Henman backs £200 million Wimbledon expansion

33 minutes ago

How this tiny town was saved by America's newest state park

33 minutes ago

Missouri abortion ban wasn't about lawmakers imposing religious beliefs, judge says

33 minutes ago

Copa América: Ronaldinho's Brazil criticism part of ad campaign

33 minutes ago

Suns' King cleared of serious knee injury after scare

33 minutes ago

Katie Ledecky qualified for the 2024 Paris Olympics with a predictably dominant 400 freestyle win at U.S. trials

33 minutes ago

Why Kanopy Should Be Your New Favorite Streaming Service

38 minutes ago

AFL legend Brendan Fevola returns to the field - and you'll never guess how many goals he scored

38 minutes ago

Video: England are ready to ROAR: Gareth Southgate tells Three Lions stars to seize the day - as captain Harry Kane targets Golden Boot

38 minutes ago

The US town being sued for racism by its white people... because it's paying its black residents $25,000 each for the legacy of slavery

38 minutes ago

Popular tourist hotspot goes to war with Airbnb guests over booming music, fireworks at 1am and wild hot tub parties

40 minutes ago

Scottie Scheffler considering notable change to help majors performance

40 minutes ago

Jeff Bezos's Wild Dream of a Trillion People Living Throughout the Solar System on Gigantic Space Stations

40 minutes ago

Raphinha hits back at Mbappe in Euro 2024 vs World Cup debate

40 minutes ago

US waiting for Israel to conclude Rafah op. to continue hostage negotiations

40 minutes ago

World leaders to gather in Swiss resort in attempt to forge Ukraine peace plan

40 minutes ago

Maika Monroe Teases ‘It Follows’ Sequel Script Is “Bigger And Darker And More F***ed Up”

40 minutes ago

In photos: 2024 Queen City Pride Parade larger than ever

40 minutes ago

Gretchen Walsh sets a world record and Katie Ledecky secures her 4th trip to Olympics at U.S. trials

40 minutes ago

Temperatures expected to soar in the South over sizzling Father's Day weekend

40 minutes ago

0616 Today in History

40 minutes ago

Jordynne Grace’s open challenge in TNA was answered by the obvious choice from NXT

40 minutes ago

Hertz is giving drivers thousands off slightly used electric vehicles — here's how to get your hands on one

40 minutes ago

Man sparks discontent after sharing disheartening before-and-after images of tortoise habitat destruction: 'This is heartbreaking'

40 minutes ago

Silva vs. Sonnen Results: Live updates of the main event and undercard

40 minutes ago

Rory McIlroy sends warning to Bryson DeChambeau ahead of final day US Open battle

40 minutes ago

Penny Wong warns dropping 2030 climate targets would increase energy bills and abandon Pacific nations

40 minutes ago

Nuclear a ‘long term’ and ‘reliable solution’ to Australia’s energy needs

43 minutes ago

Florida shark attacks caused by heat, not scary orcas, experts say

43 minutes ago

'I've been to Vietnam 15 times. These are my top recommendations everyone needs to know.'

46 minutes ago

Likes on X, formerly Twitter, are now private

46 minutes ago

Ex-aide claims Trump talked of executing staff, hints at 'rage and retribution' if re-elected

46 minutes ago

Sir Jim Ratcliffe ready to back Erik ten Hag as transfer budget is revealed