Significant reform to speed up infrastructure and investment: Fraser

Critical time-lines for the construction of vital infrastructure - particularly in the resources sector - will be slashed after the introduction of new reforms in State Parliament today.

Treasurer Andrew Fraser said Cabinet had approved a raft of reforms to Queensland’s competition regulation and the amendments to the Queensland Competition Authority Act would allow infrastructure and investment to flourish.

“This Bill gives a clear directive to the Queensland Competition Authority that the prompt and efficient delivery of necessary infrastructure is front and centre,” Mr Fraser said.

“The QCA Act has been in place for over a decade but what these reforms do is take significant steps toward reducing regulatory timelines.

“That will expedite investment decisions on crucial infrastructure without reducing the quality of decisions.

“That’s particularly important to our major coal export facilities and our coal rail transport infrastructure, especially when you consider our current forecast for 2007-08 coal exports of 173 million tonnes is expected to increase by 19 per cent to 206 million tonnes by 2010.

“By reforming the competition regulatory framework – a decision-making process which can typically take between 12 and 18 months – we are removing the practices that could have been seen as a hindrance to getting infrastructure approved and built.

“That’s critically important in a growing state like Queensland where we need to be able to respond to the export market in a timely way and ensure our regulatory framework supports and encourages investment in essential infrastructure.”

Mr Fraser said the reforms were the result of the national Competition and Infrastructure Reform Agreement and were being delivered well ahead of other jurisdictions.

The amendments will require the QCA to make a decision within six months.

“Queensland will be the first State to deliver on the reforms.

“The Bill is the outcome of extensive consultation with a wide range of private organisations, public sector agencies and business, industry and resource groups and it widens the options available to the QCA to enable them to take a more targeted, ‘best-fit’ approach to their advisory and regulatory functions.”

Additionally, the reforms include the introduction of a price monitoring mechanism which will enable the Queensland Competition Authority to report on prices of significant infrastructure whether in private or public hands.

It is anticipated these new provisions will be used to price monitor local government water price increases in South East Queensland from 1 July 2008.

Media Contact Chris Taylor 3224 5982