In welcome news for the private sector and local councils, the Queensland Government announced on 19 May 2020 the Queensland Economic Recovery Strategy: Unite and Recover for Queensland Jobs to underpin the Government’s additional support to reinvigorating the Queensland economy.
The focus: building jobs for Queenslanders. The keys to success: a further investment in the infrastructure pool and continuing to develop a close partnership between the public and private sectors.
In addition to existing funding for announced projects and programs, such as Works for Queensland and Building our Regions, the Palaszczuk Government’s announcements include the following:
- Infrastructure: A clear determination to maintaining infrastructure investment at more than $50 billion over the next four years;
- Transport: A $400 million Accelerated Works Program to deliver new road, bridge and pavement sealing works across Queensland;
- Local government: A further $200 million in 2020-21 for local councils through the Works for Queensland program;
- Energy: $14.8 million to support the project development of the CopperString 2.0 project and $20 million towards construction of a Queensland Apprenticeship Centre in renewable hydrogen; and
- Tourism: $50 million for tourism infrastructure in addition to funding for a domestic tourism campaign.
Importantly, the Government has worked closely with key industry bodies, including Queensland Tourism Industry Council, to build a framework to encourage greater private and public partnership. This includes:
- Establishing the Queensland Industry Recovery Panel to ensure ongoing direct engagement with peak bodies;
- Redirecting $50 million of industry attraction funding under the Making it for Queensland initiative to continue to expand manufacturing capacity for PPE and the like; and
- $10 million package to support international students and safeguard Queensland’s international education brand.
It is expected that the Queensland Government’s approach to financing the stimulus package will be outlined in more detail when the new Treasurer, Cameron Dick, provides his COVID-19 Fiscal and Economic Review in September this year.
Norton Rose Fulbright Australia looks forward to working with its government and private sector clients in pursuing the road map to COVID-19 recovery and delivering exciting projects and opportunities in Queensland.
The full media statement from Premier Annastacia Palaszczuk on the Economic Response Strategy is available here.