New incentives to transform Queensland business and industry
Published Wednesday, 10 October, 2007 at 12:14 PM
Minister for Tourism, Regional Development and Industry
The Honourable Desley Boyle
Regional Development and Industry Minister Desley Boyle today announced a new financial incentives scheme to help drive the future growth of Queensland.
Business and Industry Transformation Incentives (BITI) will replace a number of existing business grants, including the Queensland Industry Development Scheme known as QIDS.
The minimum incentive under the new scheme is lifted from $5,000 to $30,000 and the maximum from $50,000 to $250,000.
Ms Boyle said: “These new incentives will target small-to-medium enterprises operating within Queensland’s priority industry sectors.
“They will be geared toward funding projects that have the potential to be transformational.
“That means projects that assist the business receiving the incentive to grow in size or diversity. Preferred projects may also have a flow-on or spill-over impact on other businesses.
“For example a fruit processing company may introduce technology that helps sort fruit faster and with better accuracy.
“Consequently, handling and packaging times would be reduced.
“The fruit supplier would benefit through getting more accurate feedback on the quality and mix of their product.
“At the same time the retailer may benefit through receiving consistency in the quality of the product.
“Projects that build strength in regional industries, lead to greater innovation, productivity and exports or raise the competitiveness of an industry will be considered transformative.
“Just because we’re lifting the amount available doesn’t change our focus – it is still on small to medium enterprises.
“Over the past three years nearly 90 percent of firms that received a QIDS grant larger than $30,000 were small to medium enterprises.
“Another difference with these new grants is the use of funding rounds to boost competition and ensure greater returns for Queensland taxpayers.
“A pilot round for BITI is now open and will close in early November. We expect to able to announce some transformational projects by the end of this year. There will be up to five rounds scheduled for 2008.
I encourage interested businesses to contact to contact their local state development centre,” Ms Boyle said.
Business has been consulted throughout the reform process. The new BITI guidelines have been endorsed by an advisory group of business and industry leaders chaired by Dr David Watson.
Ends
Media contact: 3224 2004
10 October 2007
Business and Industry Transformation Incentives (BITI) will replace a number of existing business grants, including the Queensland Industry Development Scheme known as QIDS.
The minimum incentive under the new scheme is lifted from $5,000 to $30,000 and the maximum from $50,000 to $250,000.
Ms Boyle said: “These new incentives will target small-to-medium enterprises operating within Queensland’s priority industry sectors.
“They will be geared toward funding projects that have the potential to be transformational.
“That means projects that assist the business receiving the incentive to grow in size or diversity. Preferred projects may also have a flow-on or spill-over impact on other businesses.
“For example a fruit processing company may introduce technology that helps sort fruit faster and with better accuracy.
“Consequently, handling and packaging times would be reduced.
“The fruit supplier would benefit through getting more accurate feedback on the quality and mix of their product.
“At the same time the retailer may benefit through receiving consistency in the quality of the product.
“Projects that build strength in regional industries, lead to greater innovation, productivity and exports or raise the competitiveness of an industry will be considered transformative.
“Just because we’re lifting the amount available doesn’t change our focus – it is still on small to medium enterprises.
“Over the past three years nearly 90 percent of firms that received a QIDS grant larger than $30,000 were small to medium enterprises.
“Another difference with these new grants is the use of funding rounds to boost competition and ensure greater returns for Queensland taxpayers.
“A pilot round for BITI is now open and will close in early November. We expect to able to announce some transformational projects by the end of this year. There will be up to five rounds scheduled for 2008.
I encourage interested businesses to contact to contact their local state development centre,” Ms Boyle said.
Business has been consulted throughout the reform process. The new BITI guidelines have been endorsed by an advisory group of business and industry leaders chaired by Dr David Watson.
Ends
Media contact: 3224 2004
10 October 2007