2022 FEDERAL BUDGET REVIEW
Federal Government
The federal budget was handed down by the Treasurer with a number of significant investments in North Queensland on top of the existing announcement for $5.4 billion for the Hells Gates Dam Project.
It was, as expected, a classic election budget, with plenty of support for the cost-of-living pressures facing families across North Queensland, which we wholeheartedly support.
There is still a significant amount of detail that needs to be revealed to break down what projects will receive funding from a number of larger packages announced tonight, and given this is an election budget we may be waiting days or even weeks for this to begin to trickle through.
That said, we can identify a range of funding packages in key priority areas for us including renewable energy production and critical minerals industry development that will provide jobs, opportunity and prosperity for our region into the future.
NQ's budget win-list so far:
- $1.7b for supporting water infrastructure to ensure irrigators can harness the opportunities created by the Hells Gates Dam development.
- $2b increase in funds available via the Northern Australia Infrastructure Fund
- $400m upgrades for the inland freight route terminating in Charters Towers
- $323m in additional inland road on the Tennant Creek to Townsville corridor
- $400m additional upgrade funding for the Bruce Hwy
- $63.6m for Australian Institute of Marine Science
- $1 billion already announced for the Great Barrier Reef Marine Park Authority
- $7.1b for energy security and regional development projects focussed on key regions including Central and North Queensland
- $1.5 billion to establish a domestic clean hydrogen industry
- $200m toward the Critical Minerals Accelerator Initiative
- $40m toward strata title resilience programs
- $500m for regional manufacturing
- $1.2b toward co-investment into low-emissions energy projects including regional hydrogen hubs
FROM THE CEO CLAUDIA BRUMME-SMITH...
“North Queensland secured the $5.4 billion Hells Gates Dam project in a pre-budget announcement, an additional $1.7bn in water and agriculture infrastructure investments as well as hundreds of millions of dollars across other sectors including our critical roads network.
There is also additional money for Regional Accelerator Programs, $500m for regional manufacturers and $200 million toward critical minerals industry development. The devil however will be in the detail what those packages can provide to our region.
We also welcome the increase in NAIF funding by $2bn which is the governments critical infrastructure loan facility for developing the North. We are hoping that Copperstring will get its fair share of funding in coming weeks out of the NAIF.
Further detail is also required to understand the hydrogen funding announced in tonight’s budget, for example what the $1.2bn over 10 years to create a co-investment facility that supports the development of regional Hydrogen hubs can mean for North Queensland.
Opposition Government Federal Budget Reply
FROM THE CEO CLAUDIA BRUMME-SMITH...
Last night the Federal Opposition, led by Anthony Albanese, responded to the Morrison government's federal budget which focused predominately on social reforms, including a $2.5bn age care package.
We know Anthony Albanese holds himself up as someone who is focused on building critical infrastructure – rail, roads, ports – but right now this is missing, and with our region poised for growth now is the right time to commit investment to regional Queensland.
With an election now just weeks away, we call on Labor to support our big agenda to Unlock the North to enable our growth in North Queensland - this translates to mining, manufacturing, defence and agricultural growth which requires enabling infrastructure such as upgraded transmission networks, water security through the Hells Gates Dam, effective business enablers and trunk infrastructure investments.
We welcomed the Opposition's announcement of an extra $22 million for Lansdown a few weeks ago and their ambitions to bring manufacturing back to Australia; but we need to see much more in terms of tangible project support for North Queensland.
Labor needs to prove it values regional Queensland through these investment decisions and demonstrate that their approach to Adani in the last federal election in 2019, was a misstep. They can demonstrate this by saying yes to 10,000 jobs and a new dam with its final business case now just 30 days away.
