The Queensland State Government has unveiled a $200 million catalytic infrastructure initiative in an effort to accelerate the plan to recover Queensland jobs.
The Building Acceleration Fund initiative will aid economic recovery through investing in infrastructure that unlocks development, generates construction activity and creates long-term employment.
The fund will provide co-investment funds through an interest-free loan. The funds will be available to eligible developers, councils and industry for infrastructure projects that generate private sector investment and stimulate post–COVID19 economic recovery.
State Development Minister Kate Jones said applications for funding through the Building Acceleration Fund would open soon for projects ready to commence construction within 12 months of funding approval, that demonstrate substantial flow-on economic benefits to local communities.
“We’re putting the pedal to the medal to fast track Queensland’s economic recovery,” Ms Jones said.
“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.
“Co-investment funding will be provided for successful projects as an interest-free loan so they can start construction now and repay over 15 years.
“The proponent must also co-invest 10 to 50 percent of the total infrastructure project cost, depending on the scale of the project.”
Treasurer and Minister for Infrastructure and Planning Cameron Dick Minister said the Building Acceleration Fund will work in partnership with councils, property developers and industry to accelerate projects that unlock development, increasing construction activity and supporting long-term jobs.
“Our plan to Unite and Recover for Queensland jobs is focused on working with businesses large and small boost private sector investment to speed our economic recovery,” the Treasurer said.
“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.
“It is important that we are leveraging the capacity of the private sector to stimulate the economy and encourage job growth.
“We know the key to recover and increasing government revenue is getting Queenslanders working again, and catalytic programs like the Building Acceleration Fund are proven to deliver results.
“A similar program in 2017 delivered $3 of private sector investment for every $1 from the government and delivered hundreds of jobs.
Applications for the Building Acceleration Fund will open mid-August 2020.
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