THE Queensland Government has refused to comment on billionaire mining magnate Clive Palmer's threat to challenge a new law in court.
In a press statement released on Wednesday, Mr Palmer warned the Economic Development Act could drive down investment in the state.
The former LNP life member warned he would consider launching a legal challenge against the legislation in the Queensland Supreme Court and the High Court.
"If passed, this Bill gives an extraordinary amount of power to the Government, untested," Mr Palmer said.
"It means that the Government will have the power to take away 'state significance' status from projects leaving no right of appeal, making our sovereign risk worse than any country in the world."
Deputy Premier Jeff Seeney's office was approached for comment but declined.
Through his company Waratah Coal, Mr Palmer has previously launched separate suits against both Mr Seeney and Queensland Treasurer Tim Nicholls.