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    Coat of ArmsMedia Release
    Premier and Minister for Reconstruction
    The Honourable Anna Bligh

    FROM MINES TO MINDS – A GOLDEN GENERATION POWERED BY OUR MOST PRECIOUS RESOURCE

    Premier and Minister for Reconstruction
    The Honourable Anna Bligh

    Wednesday, November 23, 2011

    FROM MINES TO MINDS – A GOLDEN GENERATION POWERED BY OUR MOST PRECIOUS RESOURCE

    Premier Anna Bligh has launched a plan to use the State’s resources to fuel the education of the next generation of Queenslanders.

    The Premier released From Mines to Minds: A proposal to establish a Queensland Education Trust at West End State School today.

    The paper proposes the establishment of a multi-billion dollar Queensland Education Trust using 50% of future LNG royalties – projected at more than $1.8 billion in the next 10 years alone.

    “We want to take the wealth from the earth and use it to train the minds of our children,” said the Premier.

    “We can harness the energy of the decade of prosperity we see before us to create a golden generation that will secure Queensland’s bright future for a century and more.

    “The QET can be the tool we use to build a bright future that will make Queensland the best place in the world to live, raise a family and to fulfil your potential,” said the Premier.

    “In Queensland we are already on the cusp of enormous prosperity with a resources boom unlike anything we’ve ever seen before.

    “The question now is how we use this prosperity.

    “A Labor Government will invest in Queensland’s children because we know they are the most precious resource we have.”

    The Government’s proposed trust could be invested in different ways including;

    • Individual Trust Accounts for Education – an individual endowment that would mean every newborn child would have a nest egg valued between $7800 and $9500 when they turn 18 or;
    • Dedicated Education Fund: an investment fund where the proceeds are reinvested by Government in education and training initiatives beyond the basics throughout the schooling years and potentially beyond.

    The Premier said under the Trust account model every Queensland child born on or after July 1, 2012 would receive a savings endowment at birth that could be accessed at age 18.

    “This would consist of an initial deposit of $500 at birth followed by a further contribution of around $3,200 in the year they enter Prep when the first royalties from the LNG industry will begin to flow,” said the Premier.

    “This money will be invested by the QET until the young person turns 18 when they can use the money towards education or training costs.”

    Modelling indicates that the golden generation’s first members could receive between $7,800 and $9,500 when they turn 18.

    Under the second option the QET would invest up to 50% of LNG royalties as an education ‘future fund’.

    “This would be used to provide extra funding over and above what is currently provided and would give Queensland children a huge advantage over children from other states.”

    Under this model the QET would set aside funds for specific initiatives such as;

    TAFE and university scholarships for rural, regional and disadvantaged students

    International exchange programs

    Language programs

    “The decisions we make today will shape the Queensland of the future in a way that has never been possible in the past,” said the Premier.

    “We are on the cusp of a bright future, bringing massive prosperity in the coming decade. We can use that prosperity to create a golden era that can last for a hundred years and that is our vision for Queensland.”

    The Queensland Government wants to hear from Queensland communities. We want your feedback on the QET by February 17, 2012.

    You can have your say by writing to us at: Education Trust, PO Box 15185, Brisbane 4000 or email at Education.Trust@premiers.qld.gov.au. Feedback can also be provided online at http://www.getinvolved.qld.gov.au/gi/consultation/205/view.html.

    MEDIA CONTACT: Premier’s Office - 07 32244500

    The proposal, From Mines to Minds: A proposal to establish a Queensland Education Trust, is available at www.thepremier.qld.gov.au

    Audio grabs of the Premier are available at: https://govportal.ministerial.qld.gov.au/index.cfm?content=Audio