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    Coat of ArmsMedia Release
    Premier and Minister for the Arts
    The Honourable Annastacia Palaszczuk

    Palaszczuk Government to start work on Biofutures investment fund

    Premier and Minister for the Arts
    The Honourable Annastacia Palaszczuk

    Wednesday, February 10, 2016

    Palaszczuk Government to start work on Biofutures investment fund

    MACKAY: Premier Annastacia Palaszczuk said her Government would investigate the establishment of a Biofutures Industry Development Fund, which would look to financially assist first-mover investment in the biofuels industry.

    Ms Palaszczuk made the announcement following the 2nd meeting of her Biofutures Cabinet Committee, the 2nd held in Mackay.

    “I’ve said it before and I’ll say it again: biofuels could have the same transformative effect on Queensland’s economy as the LNG industry, but it won’t happen without Government commitment,” Ms Palaszczuk said.

    “We already have a very constructive relationship with the US Navy, which is extremely interested in Queensland’s capacity to produce biofuels for their fleet.

    “We also know other global companies like food and beverage giant Asahi are tapping into Queensland’s research expertise in this space.

    “As Queensland’s economy transitions, this is one of the major medium to long-term opportunities that could power Queensland’s regional economies into the future.

    “I’m confident that a large-scale, game-changing biofutures industry can begin in Queensland, which is why I have made it a priority of my Government.”

    Ms Palaszczuk said the Biofutures Cabinet Committee had determined that an ‘early-investment’ development fund should be considered.

    “We know that access to start-up capital and early investment is often what holds many commercial proposals back, especially in emerging industries.

    “If we can step in and assist companies to complete their due diligence, making access to capital simpler for any investment-ready, viable projects, it could be the catalyst for industry-wide momentum.

    “In the lead-up to this year’s Budget, we will work with the Treasurer to see what funds are available and what kind of structure the Fund could take.

    “We will also make sure that stringent guidelines are put in place so any investment proposals are rigorously assessed

    ““This will give enormous confidence to the sector and send a powerful message to global investors that we are determined to see this industry become a reality.

    “I look forward to releasing more details in the near future.”

    Media contact: 3719 7000

    Biofutures Cabinet Committee

    Dr Anthony Lynham- Minister for State Development and Minister for Natural Resources and Mines,

    Mark Bailey- Minister for Main Roads, Road Safety and Ports and Minister for Energy, Biofuels and Water,

    Dr Steven Miles- Minister for Environment and Heritage Protection and Minister for National Parks and the Great Barrier Reef,

    Leanne Enoch- Minister for Innovation, Science and the Digital Economy and Minister for Small Business

    Coralee O’Rourke- Minister for Disability Services, Minister for Seniors and Minister Assisting the Premier on North Queensland

    Leanne Donaldson- Minister for Agriculture and Fisheries