Category M
weapons include:
- A knife that can be held in one hand, and the blade may be released by that hand.
- A knife where the blade fits within two handles and is capable of being opened by gravity or centrifugal force (eg butterfly knife, balisong).
I believe these changes came in in 2012.
Unlawfully possessing a category M weapon is an offence carrying a fine of up to $12,190 or up to 2 years imprisonment.
Have a look at this document:
https://www.police.qld.gov.au/programs/weaponsLicensing/fees/Documents/Category-M-Bladed-Weapons.pdf
Note the comments about a stanley knife (for example) on page 2, that it is clearly intended as a utility knife and not a weapon. The distinguishing factor is that knives designed as 'weapons' are illegal, utility knives are not. Of course, you're relying on a police officer to make that distinction at first instance.
Possessing a knife in public without a lawful excuse is an offence in Queensland in any case.
Odds are that if you have such a knife in your home, it is only likely to become an issue if the police are executing a warrant and they turn up in what they find. However, I wouldn't rely on that assumption.