QIC makes another major investment in Queensland

Treasurer Curtis Pitt has welcomed today’s announcement that the Queensland Government’s investment manager, QIC, will acquire 80 per cent of one of Australian’s oldest and largest agricultural enterprises, North Australian Pastoral Company.

Mr Pitt said the investment was a strong vote of confidence in Queensland.

“This is great news for Queensland especially in light of the focus now being put on North Queensland as part of the Palaszczuk Government's efforts to develop Northern Australia,” Mr Pitt said.

“Agriculture is a critical part of the Queensland economy and there’s the potential for it to grow significantly to meet rising Asian demand.

“Today’s announcement unlocks the investment needed to grow this business and create more jobs in rural Queensland. 

“An investor like QIC always looks decades ahead, not months, and can see that Queensland is perfectly positioned to produce the clean, healthy food the new Asian middle class will demand.”

Mr Pitt said he first announced that QIC was evaluating opportunities to invest in agriculture at the Palaszczuk Government’s North Queensland Economic Summit in November last year.

“Just six months later, this fantastic concept has come to fruition and a deal has been done to bring new capital into this important sector,” Mr Pitt said.

“I’m also pleased that QIC has been able to bring together Australian and international funds to achieve this outcome.

“Many commentators have argued for Australian superannuation to play a greater role in supporting Australian agriculture and now QIC has provided a platform and executed a transaction that delivers.

“This is a testament to the expertise that QIC has built up over its 25-year history.”

Mr Pitt said North Australian Pastoral Company was a major player in the cattle industry, with properties covering 5.8 million hectares across Queensland and the Northern Territory and approximately 178,000 head of cattle.

“We all know the pastoral sector holds lots of promise, but returns can be variable due to things like drought,’” Mr Pitt said.

“That’s why it needs investors that are willing to build up businesses and take a long-term view.

“QIC has a proud record of doing just that, particularly in Queensland.  It is the largest shareholder in the Brisbane Airport and Port of Brisbane, as well as owning major shopping centres in the Gold Coast, Logan, Toowoomba and Townsville.

“These investments benefit all Queenslanders.

“The QIC-owned Grand Central Shopping Centre in Toowoomba is an example. Earlier this year I was pleased to launch a training agreement struck between Grand Central and TAFE Queensland South West that will provide 550 hospitality and retail training places for locals.

“The partnership will help provide trained workers for the estimated 1,000 new jobs to be created by a $500 million redevelopment of the shopping centre."

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