The Palaszczuk Government will supercharge its drive to entice leading companies to set up operations in Queensland and support large scale investment projects with a new $500 million fund, Invested in Queensland.
Treasurer and Minister for Investment Cameron Dick said Invested in Queensland will form an integral part of the recently created $3.34 billion Queensland Jobs Fund.
“Our strong health response to COVID-19 and government’s Economic Recovery Plan has enabled us to accelerate the recovery of our economy, which is now larger than what it was pre-pandemic,” Mr Dick said.
“We’re now ready to drive that next phase of economic growth by unlocking private sector investment, which is the critical element to job creation in the Queensland economy.
“We want to work with leading companies on high-impact projects that will create a new generation of jobs now and well into the future.”
The Treasurer said the Invested in Queensland program will prioritise major investment support through two new investment schemes:
- The Strategic Investment Scheme will provide tailored funding support to local, interstate and international businesses looking to establish significant, job-creating projects in Queensland
- The Investment Support Scheme will provide contestable projects with rebates on payroll tax and other state-based taxes
“Over the past few years, we’ve had great success partnering to create new investment and Queensland jobs, including with Boeing Australia to produce the next generation of uncrewed aircraft here, pending orders,” Mr Dick said.
“We’ve also supported a long-term partnership with Rheinmetall Defence Australia, who have established their regional headquarters and MILVEHCOE, the most advanced military vehicle manufacturing facility in Australia, in Ipswich.
“To date, the Palaszczuk Government’s highly successful investment support new investment funds, the Advance Queensland Industry Attraction Fund and Jobs and Regional Growth Fund, have supported 77 projects to deliver 4100 new direct jobs and unlocked almost $2.5 billion in capital investment.
“The new Invested in Queensland program will offer financial incentives in addition to our existing arsenal of non-financial investment facilitation support mechanisms and stakeholder engagement activities, with the aim of creating more than 5000 ongoing jobs over the life of the program.
“The Palaszczuk Government has always been pro-investment and pro-growth and now, more than ever, we’re firmly focused on attracting and supporting significant new investment in Queensland.
“We’re invested in jobs, we’re invested in industry and ultimately, we’re invested in the future of Queensland.”