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Queensland Government Economic Recovery Plan

  • August 21, 2020

QUEENSLAND GOVERNMENT ECONOMIC RECOVERY PLAN

Yesterday, the Queensland Government released its Queensland Economic Recovery Plan.

The plan outlines six key focus areas:

  • Safeguarding our health
  • Backing small business
  • Making it for Queensland
  • Building Queensland
  • Growing our regions
  • Investing in skill

There are several initiatives in the plan that relate to Queensland’s property industry. These initiatives include:

  • Maintaining the current State infrastructure investment program at $51.8 billion over the next four years 2019-20 to 2022-23
  • $400 million Accelerated Works Program
  • $ million to attract industry to grow Queensland’s advanced manufacturing capacity
  • $100 million housing construction Works for Tradies
  • $ million SEQ community stimulus program
  • $106 million support for home building, to stimulate the building market for new homes valued at less than $7,000
  • Up to $100 million in small business grants

Yesterday the Government also issued a Capital Program 2020 Update which includes more than $13.9 billion worth of infrastructure funding across the state. The update reaffirms the Government’s commitment to a $51.8 billion program of work over the next four years. To find out more about the Government’s Capital Program Update 2020, please click here.

The Economic Recovery Plan follows consultation with industry groups including the Property Council who provided input via the Premier’s Industry Recovery Alliance.

The Property Council also provided feedback on the Government’s economic response to the COVID-19 crisis. 

While the Property Council is supportive of the initiatives contained in the plan, far more needs to be done to unlock the property industry to assist Queensland’s post-COVID-19 economic recovery.

Disappointingly, the plan predominantly reaffirms Government’s existing funding commitments. To successfully rebuild from COVID-19 the Government needs to implement ambitious objectives to ensure that Queensland is positioned to attract private capital and grow out of the COVID-19 crisis.

Unlocking private investment will be a focal point of the Property Council’s upcoming State Election Platform.

To find out more about the Queensland Government’s Economic Recovery Plan, please click here.