The Queensland Government is investing $200 million through the Building Acceleration Fund and will be working with councils, property developers as well as industry to fast track projects that will unlock development, increase construction activity and support long-term jobs across the State.
“Our plan to Unite and Recover for Queensland jobs is focused on working with businesses large and small [to] boost private sector investment to speed our economic recovery.
“Funding catalytic infrastructure creates jobs in the short term and unlocks private investment in the long term.
“Post COVID-19 infrastructure investment will play a critical role in facilitating economic recovery,” Treasurer and Minister for Infrastructure and Planning Cameron Dick said.
Submissions for funding applications through the Building Acceleration Fund will soon open for projects that are ready to begin construction within a 12-month period from funding approval and that demonstrates considerable flow-on economic benefits to local communities.
“The government has a clear strategy to lead Queensland through this pandemic. Infrastructure is crucial to this plan.
“Big projects that will create thousands of jobs over the next five years – that's what we’re targeting with today’s cash injection,” State Development Minister Kate Jones said.
Minister Jones added that co-investment funding will be provided for successful projects as interest-free loans to get construction underway now and repay the loan over the next 15 years. Depending on the scale of the project, the developer is also required to co-invest about 10 to 50 per cent of the total project cost.
According to Member for Logan Linus Power, the Building Acceleration Fund will provide a boost in employment throughout the broader Logan region.
“We know this type of investment is vital to supporting local jobs through the post-COVID recovery.
“If people are earning locally, they are spending locally, supporting small businesses right across the community,” Mr Power said.
Queensland Executive Director for the Property Council Chris Mountford said this multi-million-dollar investment is vital and it also has a unique job creating potential which will help the State recover from the impacts of the coronavirus pandemic.
“This catalytic infrastructure fund will not only provide an immediate stimulus injection in the form of jobs, it will also serve as a powerful economic multiplier by unlocking private sector investment long term.
“This fund has the potential to unlock hundreds of millions of dollars of private investment, creating much-needed jobs for Queenslanders,” Mr Mountford said.
Lendlease QLD Head of Development Guy Gibson said that supporting the delivery of infrastructure for communities such as in Yarrabilba is vital “to properly accommodating the continued growth of the region”.
“Today’s announcement is an important milestone in ensuring that these major projects will continue to be well planned and appropriately serviced,” Mr Gibson said.
For the Building Acceleration Fund, infrastructure projects will include roads, water distribution, sewerage/wastewater, stormwater infrastructure but other categories of infrastructure will be considered provided they meet the criteria for eligibility.