The Palaszczuk Government is co-investing up to $15 million for the construction of essential water infrastructure to unlock more land supply in Cairns.
Speaking at the Local Government Association of Queensland (LGAQ) conference in Cairns today, Deputy Premier and Minister for State Development Steven Miles said the investment would create more housing lots at a time when more housing supply was needed.
"We all know that Queensland is one of the best places in the world, and it's no wonder people are choosing to live, work and grow their families here," Mr Miles said.
"Queensland continues to experience housing supply challenges and our population growth continues to be the highest in Australia.
"We're providing $15 million in loan funding to Cairns Regional Council to enable the construction of an 8 megalitres reservoir and associated trunk water network at Mount Peter.
"This investment will fast-track the immediate delivery of 446 lots of residential land in the Mount Peter growth area, helping to address housing supply and affordability.
"Facilitating affordable residential land is key to protecting and enhancing our Queensland lifestyle as we grow."
Speaker of the Queensland Parliament and Member for Mulgrave Curtis Pitt said the funding would allow additional land supply to be developed five or six years earlier than planned.
"There are many families in Cairns and families moving to Cairns who are struggling to find an affordable house," Mr Pitt said.
"The Palaszczuk Government's investment allows Cairns Regional Council to bring forward this important $18.2 million project which is expected to support 42 jobs.
"Importantly, it will boost associated land development and residential housing - a direct result of the accelerated funding.
"The infrastructure will have the capacity to service an additional 500 lots and a future primary school."
Cairns Mayor Bob Manning welcomed the interest-free loan.
"Cairns Regional Council is pleased to be able to fast track this project as a result of the loan funding provided by the State Government," Cr Manning said.
"This water infrastructure is essential for the future growth of our region and will complement the proposed Cairns Water Security – Stage 1 project, which secures Cairns' urban water needs from the middle of this decade."
Mr Miles said the Building Acceleration Fund provided low interest loans towards the acceleration of essential infrastructure.
"Growth is a good thing for Queensland, but the accelerated growth – caused by many factors including housing price increases and interstate migration – means we need to take a range of actions to secure more housing options for people.
"This initiative gives industry and council an opportunity to provide housing solutions earlier than anticipated thanks to funding support from the state government.
"This Fund is just one of many measures the Government has in place to increase housing availability and affordability.
"I look forward to continuing to work with stakeholders including LGAQ and local governments to address the housing issues facing our state.
The Queensland Government's Housing Summit will be held later this week.
