Queensland Budget 2021-22 – Job Creation Plan
This week the Palaszczuk Labor Government committed $3.34 billion to job creation programs ahead of the upcoming state budget.
These programs aim to further support Queensland’s COVID-19 economic recovery and increase investment attraction competitiveness by attracting major investment projects, creating ongoing jobs in priority sectors, and further strengthening supply chains.
Further announcements about these funds will be outlined in the 2021-22 State Budget on June 15, 2021.
Queensland Jobs Fund
The Queensland Jobs Fund will coordinate $1.84 billion in measures to target job creation through the establishment of new and the support of existing businesses. In addition to funding, the program will provide businesses with more planning certainty, increased access to land and a variety of fiscal incentives, such as relief from fees and charges.
This single business concierge includes a new $350 million Industry Partnership Program to support mature industries in adopting new technology and assisting growth in renewables, hydrogen, resource recovery, manufacturing, and catalytic infrastructure. The Industry Partnership Program is expected to create 2,800 jobs state-wide.
The following funds are now consolidated in this program:
• Hydrogen Industry Development Fund
• The new $350 million Industry Partnership Program
• Renewable Energy Fund
• Made In Queensland
• Manufacturing Hubs
• Building Acceleration Fund
• Resource Recovery Industry Development Fund
• Backing Queensland Business Investment Fund
Queensland Renewable Energy and Hydrogen Jobs Fund
Attached to the Queensland Jobs Fund is the newly announced Queensland Renewable Energy and Hydrogen Jobs Fund which will invest $2 billion into renewable energies and hydrogen sector jobs.
This funding commitment will assist the delivery of the government’s commitment to a 50 per cent renewable energy target by 2030 and increase the existing $500 million Queensland Renewable Energy Fund by $1.5 billion.
The fund aims to provide increased access to lower cost and cleaner energy through investment into the local manufacturing of renewables and hydrogen. In addition, it will further develop Queensland’s pipeline of hydrogen and renewable projects ensuring that Queensland has the energy supply for increased heavy industry and manufacturing projects.
The government believes this increased demand for cleaner energy will assist the state’s existing resources sector by creating further demand for the minerals required in batteries, electric vehicles, and solar panels.
Further Information
For more information, please contact your Hawker Britton Director, Elliot Stein on 0431 744 115 or [email protected] or Policy and Business Analyst, Jill Molloy at [email protected].