I understand they can call themselves an inhouse legal counsel, but as Tim said, they cannot hold themselves out as a lawyer or solicitor. There are prohibitions under the Legal Profession Act 2007 (Qld):
At section 24:
"(1) A person must not engage in legal practice in this jurisdiction unless the person is an Australian legal practitioner."
At section 25:
"(1) A person must not represent or advertise that the person is entitled to engage in legal practice unless the person is an Australian legal practitioner."
There are exceptions under each of these provisions.
Stating you are a solicitor or a lawyer could be considered a breach of the Act.