Queensland Investment Attraction
On Monday 21 June 2021, Queensland Treasurer and Minister for Investment Cameron Dick addressed a post-Budget event hosted by the Committee for Economic Development of Australia (CEDA). In the address Minister Dick announced a new investment policy to sit within the newly created Queensland Jobs Fund for further industry attraction and development.
Invested in Queensland
$500 million will be committed to an ‘Invested in Queensland’ Program to encourage companies to establish operations in Queensland and support large-scale investment programs through financial incentives and government partnerships. The program looks to create more than 5000 ongoing jobs over the life of the program.
Invested in Queensland will be delivered through two new investment schemes:
Strategic Investment Scheme
This scheme will provide tailored funding to support local, interstate, and international business looking to establish large-scale projects in Queensland.
Investment Support Scheme
This investment scheme will provide viable projects with rebates on state-based taxes and payroll taxes.
Queensland Jobs Fund
The $3.34 billion Queensland Jobs Fund will collate existing programs in addition to new major initiatives. The fund builds on existing programs such as the Advance Queensland Industry Attraction Fund and the Jobs and Regional Growth Fund.
In addition to Invested in Queensland, two major initiatives of the Queensland Jobs Fund include:
Industry Partnership Program
This $350 million program will provide small and medium businesses with tailored assistance to strengthen local supply chains and support job creation. This includes supporting more mature industry to adopt newer technologies.
Queensland Renewable Energy and Hydrogen Jobs Fund
This $2 billion fund will expand on the previous $500 million Renewable Energy Fund. This will enable investments form Queensland’s Government owned energy businesses in commercial renewable energy and hydrogen projects.