QUEENSLAND GOVERNMENT REVEALS ECONOMIC RECOVERY STRATEGY
The strategy, in partnership with the private sector, is aimed at supporting jobs and revitalising the State's economy.
The Economic Recovery Strategy: Unite and Recover for Queensland Jobs reconfirms the State Government’s commitment to maintain infrastructure investment at more than $50 billion over the next four years. The package of measures focuses on building infrastructure and accelerating construction projects to protect jobs across Queensland.
The strategy includes:
- A $400 million Accelerated Works Program to deliver new road, bridge and pavement sealing works across the state;
- $200 million in 2020-21 for a Works for Queensland program to support jobs and fund productive building projects;
- An $11.25 million expansion of the Household Resilience Program in cyclone affected areas;
- An additional $100 million in small business support; and
- The establishment of a Queensland Industry Recovery Panel.
The Property Council continues to engage with the State Government on the importance of establishing a $600 million catalyst infrastructure fund as a key measure to include in the next stage of the Queensland Economic Recovery Strategy.
The Treasurer also announced the 2020-21 Queensland Budget would be suspended. Instead of a full budget, the Queensland Government will release a COVID-19 Fiscal and Economic Review (C19-FER) in September, ahead of the election on 31 October. The C19-FER will be prepared using the same standards as the annual Mid-Year Fiscal and Economic Review (MYFER).
To view more detail on the announcement, please click here.