Budget drives resources future

Almost $80 million will be invested in growing and transforming Queensland’s resources sector along with making the state’s lands and waters more productive as part of the 2022-23 State Budget.

Resources Minister Scott Stewart said the $79.6 million department budget would help grow and diversify the resources industry into the future with a focus on good solid jobs and projects in Queensland’s emerging new economy minerals sector.

A key investment is $40 million over four years, and an ongoing $10 million a year to improve the productivity of Queensland’s land resources and support regional jobs. 

Mr Stewart said the budget continued the Palaszczuk Government’s long-standing commitment to driving exploration, increasingly focussing on the new economy minerals needed for renewable energy and advanced technologies.

“Exploration is the lifeblood of new resources projects and jobs, and its essential we continue to support exploration, including with free access to first-rate geological data,” he said.

“The latest statistics show that exploration is going strong in Queensland, with exploration expenditure up to $726.5 million in year to March, up 3.1 per cent on the same period a year ago.”

Mr Stewart said the 2022-23 State Budget will continue to drive exploration and the next generation of good jobs and projects for the resources sector through:

• $17.5 million over four years for grants to explorers under the Collaborative Exploration Initiative, supercharging the search for new economy minerals
• $10 million over two years for airborne and ground-based geophysical surveys
• $5 million over two years for research to better define Queensland's new economy minerals potential

The budget also provides:

• $5.7 million over three years to add a future industries delivery hub to the existing Resources Centre of Excellence in Mackay
• $1.6 million to streamline the assessment of applications to mine and explore

Mr Stewart said Queensland’s ongoing economic recovery also hinged on the state’s land resources and maximising their sustainable productivity.

“This budget provides $40 million over four years, and an ongoing $10 million a year, for a Natural Resources Recovery Program,” he said.

“This will allow the department to support better, sustainable productivity, and jobs, from Queensland’s land resources.

“Despite flooding rain across parts of the state, almost 45 per cent of Queensland remains drought-declared.

“In 2022-23, the government will continue to back our drought-stricken food and fibre producers with $3.2 million in land rent relief.”

For more information about the State Budget visit budget.qld.gov.au.

ENDS

Media contact: Chris Lees 0434 859 940