Petroleum and Gas (Production and Safety) (Royalties and Cost of Living Relief) Amendment Bill 2022*

An Act to amend the Petroleum and Gas (Production and Safety) Act 2004 to establish a scheme to provide cost of living relief for individuals and to increase rates of petroleum royalty payable by petroleum producers

1Short title

This Act may be cited as the Petroleum and Gas (Production and Safety) (Royalties and Cost of Living Relief) Amendment Act 2022.

2Act amended

This Act amends the Petroleum and Gas (Production and Safety) Act 2004.

3Insertion of new ch 14, pt 4

Chapter 14—
insert—

Part 4 Cost of living relief for 2023

Division 1 Cost of living relief scheme

859A Objective of division

The objective of this division is to provide cost of living relief for individuals by establishing a scheme for a one-off payment of financial assistance.

859B Definition

In this division—

scheme means the scheme set out in this division.

859C Eligibility for financial assistance

An individual is eligible to receive financial assistance under the scheme if—

(a)on 30 November 2022, the individual was 18 years or more and residing in Queensland; and

(b)the individual has not previously received assistance under this division; and

(c)the individual completes the approved form and gives the form to the chief executive.

859D Request for further information

(1)This section applies if the chief executive requires further information to—

(a)determine whether an individual is eligible under section 859C; or

(b)pay an individual financial assistance under the scheme under section 859E.

(2)The chief executive may ask the individual for the further information.

(3)The chief executive is not required, under section 859E, to pay the financial assistance until the individual provides the further information.

859E Payment of financial assistance

(1)The chief executive must pay each individual eligible under section 859C for financial assistance a one-off payment of $500.

(2)The chief executive may make the payment by bank cheque or electronic funds transfer.

859F Funding for scheme

The scheme is to be funded by the increased rates of petroleum royalty for the 2023 period provided for under division 2.

Division 2 Rates of petroleum royalty for 2023 period

859G Application of division

This division applies—

(a)in relation to petroleum royalty that becomes payable by a petroleum producer during the period starting on 1 February 2023 and ending on 31 January 2024 (the 2023 period); and

(b)despite any rate prescribed under section 590(2)(c).

859H Rates of petroleum royalty payable for 2023 period

(1)A petroleum producer must pay petroleum royalty on the volume of domestic gas, supply gas and project gas produced in a royalty return period at the rate provided under this section.

(2)For domestic gas, if the average sales price for domestic gas under the Petroleum and Gas (Royalty) Regulation 2021 for the producer for the period is more than $8 per gigajoule—46 cents per gigajoule plus 0.30 cents per gigajoule for each 1 cent per gigajoule more than $8 per gigajoule.

(3)For supply gas, if the average sales price for supply gas under the Petroleum and Gas (Royalty) Regulation 2021 for the producer for the period is more than $8 per gigajoule—65 cents per gigajoule plus 0.375 cents per gigajoule for each 1 cent per gigajoule more than $8 per gigajoule.

(4)For project gas, if the average sales price for project gas under the Petroleum and Gas (Royalty) Regulation 2021 for the producer for the period is—

(a)more than $9, but not more than $14, per gigajoule—27 cents per gigajoule plus 0.27 cents per gigajoule for each 1 cent per gigajoule more than $9 per gigajoule; and

(b)more than $14 per gigajoule—$1.62 per gigajoule plus 0.375 cents per gigajoule for each 1 cent per gigajoule more than $14 per gigajoule.

4Amendment of sch 2 (Dictionary)

Schedule 2—
insert—

2023 period, for chapter 14, part 4, see section 859G(a).

scheme, for chapter 14, part 4, division 1, see section 859B.