- ANZ and Suncorp have signed agreements with Palaszczuk Government to support Queensland jobs and financial services sector.
- Suncorp will retain headquarters in Queensland, invest in disaster response capability and grow employee numbers in Townsville.
- ANZ will also invest in a new Tech Hub in Brisbane, with up to 700 Queensland-based roles.
The Palaszczuk Government has signed agreements with Australia and New Zealand Banking Group Limited (ANZ) and Suncorp Group Limited (Suncorp) to secure a package of benefits aimed at supporting high value jobs and maintaining a strong financial services sector in Queensland.
These commitments are subject to the completion of the proposed sale of Suncorp Bank to ANZ, including merger authorisation from the Australian Competition and Consumer Commission, approval from the Federal Treasurer and approval and passage of proposed amendments to State legislation.
Under the agreements, the State has formalised Suncorp's commitment to retain the national insurer's headquarters in Queensland.
Suncorp has also committed:
- at least $19 million for the establishment of a Disaster Response Centre of Excellence in Brisbane, which includes investment in a new technology platform to better understand weather impacts, communicate with customers and impacted communities and improve Suncorp's responses before, during and after weather events
- at least $2 million for the establishment of the Suncorp Regional Hub in Townsville with 120 new jobs
- $3 million for community and education initiatives focused on First Nations employment pathways and building skills in disaster resilience and emergency management.
ANZ's commitments build on those made when the proposed transaction was initially announced and focus on the growth of ANZ's banking presence in Queensland.
This includes the establishment of a new Tech Hub in Brisbane and hiring or placing up to 700 people in the Tech Hub over five years.
Subject to receiving the required approvals, the proposed sale of Suncorp Bank to ANZ is expected to complete in the second half of 2023.
Quotes attributable to the Treasurer and Minister for Trade and Investment Cameron Dick:
"Since the prospect of ANZ acquiring Suncorp was first raised, I have been clear we would only support the deal if it was good for Queensland.
"The commitments we've been able to secure from both Suncorp and ANZ ensure that the number of skilled jobs in our state's financial services sector will only grow, not just in the south-east, but in regional Queensland as well.
"Suncorp was born in Queensland, and our negotiations on the proposed sale to ANZ have been all about ensuring this deal delivers benefits to Queenslanders.
This outcome sets a benchmark for future agreements of this kind."
Quotes attributable to Suncorp Group CEO Steve Johnston:
"Queensland has a strong economic outlook and future, and we are committed to supporting that growth and creating lasting job opportunities throughout the state, including in regional communities.
"In addition to boosting employment opportunities throughout Queensland, many of the commitments through this package are aimed at improving community resilience to extreme weather.
"This is of particular importance for Queensland as the most disaster impacted state in Australia, and this announcement by the Queensland Government underlines the community benefits of ongoing investment in disaster response and recovery initiatives."
Quotes attributable to ANZ Chief Executive Officer Shayne Elliott:
"The implementation agreement represents a significant commitment by ANZ to Queensland, and we welcome the constructive approach of the Government to growing the tech sector in the state.
"Research shows Queensland educates almost one fifth of the nation's IT students yet has less than one seventh of the nation's tech workers.
"ANZ's tech hub will provide career opportunities to Queenslanders and will create jobs, lift wages, and boost productivity.
"The agreement aligns with the work already underway by both the Queensland and Federal governments to build the capability of Queensland's workforce, including providing a pipeline of technology talent for the future."
