The Queensland Resources Council says the state's decision to hike coal royalties is putting the viability of Queensland's coal industry at risk and claims the expected revenue has been "wildly" underestimated.

Treasurer Cameron Dick's decision to introduce new coal royalty tiers after a 10-year freeze on coal royalty rates amid soaring coal prices was met with strong opposition from the sector in June.

Under the tiers, royalty rates would rise from 15 per cent for prices above $300 per tonne to 40 per cent.

The increase was expected to tip an additional $1.2 billion into the state's coffers over four years, with Mr Dick pledging the funds to investment in regional Queensland.

But Queensland Resources Council (QRC) chief executive Ian Macfarlane said the state had already collected that $1.2 billion in just three months of the new royalty rates, and the sector would not accept the continued tax.

"They now have to justify why they've … doubled the tax to a point where investment in future mining operations in things like hydrogen is now in jeopardy," Mr Macfarlane said.

"Why have they done that if their figures show that they've already collected, in the three months of this financial year, everything they expected to collect in the four years of their budget?

"The mining industry is now seeing that our direst predictions are actually true.

"Firstly, that there'll be a vast amount of money collected from the industry which will impact on its viability, but also on investor confidence in investing in new projects."

Above global average

The QRC commissioned an analysis of the new royalty rates from consultants Commodity Insights, which revealed Queensland's royalty rates were now nearly four times higher than the global average of maximum rates.

The Commodity Insights report claimed the highest royalty rates – which the government said would only target high-price periods – would have kicked in for 60 per cent of the past decade.