Long Title

An Act to amend the Mineral Resources Act 1989 for a particular purpose

The Parliament of Queensland enacts—

1 Short title

This Act may be cited as the Progressive Coal Royalties Protection (Keep Them in the Bank) Act 2024.

2 Act amended

This Act amends the Mineral Resources Act 1989.

3 Insertion of new s 321AA

After section 321 —

insert—

321AA Regulation may not decrease royalty rate for coal

(1) A regulation may not—

(a) prescribe a coal rate that is lower than the coal rate in effect immediately before the commencement of the regulation; or

(b) amend a regulation that prescribes a coal rate so that the coal rate under the amended regulation is lower than the coal rate in effect immediately before the commencement of the amending regulation; or

(c) repeal a regulation that prescribes a coal rate unless, immediately after the repeal, a coal rate is in effect that is not lower than the coal rate in effect immediately before the commencement of the repealing regulation.

(2) In this section—

"coal rate" means the rate of royalty for coal.