The Queensland Government has unveiled a $200 million catalytic infrastructure initiative, the Building Acceleration Fund, to help recover economically and create jobs.
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.
Treasurer and Infrastructure and Planning Minister Cameron Dick said funding catalytic infrastructure creates jobs in the short term and unlocks private investment in the long term.
“It is important that we are leveraging the capacity of the private sector to stimulate the economy and encourage job growth. Post COVID-19 infrastructure investment will play a critical role in facilitating economic recovery,” Dick said.
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.
“Big projects that will create thousands of jobs over the next five years – that’s what we’re targeting with today’s cash injection.
Queensland Executive Director of the Property Council Chris Mountford said that the fund was vital and had unique job creating potential that would help Queensland bounce back from the impact of COVID-19.
“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,” Mountford said. “This fund has the potential to unlock hundreds of millions of dollars of private investment, creating much-needed jobs for Queenslanders. Today’s announcement is an important milestone in ensuring that these major projects will continue to be well planned and appropriately serviced.”