Queensland Premier Annastacia Palaszczuk said all Queensland coal mining operations would pay royalties and, if they were deferred, they would be paid with interest and with security of payment in place.

She said this policy would unlock development in the Galilee and Surat Basins and the North West Minerals Province and would not favour Adani’s Carmichael proposal in the Galilee Basin.

“State cabinet has unanimously agreed to a new policy approach for the future development of the Galilee and Surat Basins and the North West Minerals Province,” Palaszczuk said.

“Under this new policy, the Adani Carmichael mine will pay every cent of royalties in full.

“There will be no royalty holiday for the Adani Carmichael mine.

“Opening up these three regions for development has the potential to support thousands of new jobs that are needed in regional centres along the coast as well as in outback Queensland.

“This will squeeze every dollar and every job out of these projects.

“My sole focus this week has been to lead negotiations that ensure Queenslanders get the best deal that will see more jobs and more money flowing into our state.

“This is the right policy that will provide certainty and deliver jobs, royalties and opportunities for years to come.”

Palaszczuk said the policy would unlock these resource areas so projects could proceed and deliver thousands of new jobs for regional Queenslanders.

“The same approach will apply to all greenfield projects in these basins and the North West Minerals Province such as the Adani Carmichael Coal project,” she said.

“Opening up these three regions for development has the potential to support thousands of new jobs that are needed in regional centres along the coast as well as in outback Queensland.”

Deputy Premier Jackie Trad said the Palaszczuk Government’s policy delivered on Labor’s election commitments.

“All royalties will be paid and if they are deferred they will be paid with interest and with security of payment in place,” Trad said.

“That’s more money for our state to spend on infrastructure, renewables, health and education.

Queensland Treasurer Curtis Pitt said the Queensland government would not stand in the way of the federal government’s Northern Australia Infrastructure Facility was a concessional loans scheme. 

“NAIF was established by the federal government and any project financing approved by the independent NAIF board will flow between the federal government and a project proponent,” he said. 

“We will not stand in the way of those arrangements. In the case of the Carmichael mine, any funds will pass directly from the federal government to Adani. 

“We will fulfil our obligations in line with the Master Facility Agreement agreed with the federal government. 

“It should be noted that the NAIF has not lent any funding since it was announced two years ago, and I would encourage the Turnbull Government to actually start using the available funds. 

“We promised that Queensland taxpayer funds would not subsidise the Carmichael rail line and we are keeping that promise. 

“Our new resources framework puts an end to ad hoc deals and encourages job-creating investment in the Galilee and Surat Basins and the North West minerals province. 

“It is a transparent policy framework that will apply equally to project proponents looking to invest in these under-developed resource regions. 

“Adani will not be required to secure funding through the NAIF in order to access the Queensland government's new resources framework. 

“They now have as much certainty as can be provided by the state government in terms of approvals, environmental conditions and our position on a royalties framework. 

“Consistent with our election commitments, cabinet has determined that any NAIF funding needs to be between the federal government and Adani.

“There will be a new financial assurance model that ensures operators comply with environmental conditions and cover rehabilitation costs.”

Pitt said the framework provided investor certainty and encouraged new development and business opportunities in the Basins and the North West Minerals Province.

“Investors accessing the new resources framework will be required to provide jobs, common-user infrastructure and have a positive impact on the state’s finances,” Pitt said.

“This revised model will apply to future resource development proposals in the three regions and will replace ad hoc arrangements negotiated in the past.

“It is a transparent policy framework that will apply equally to project proponents looking to invest in these under-developed resource regions.”