Budget continues transformation of resources sector

Published Tuesday, 13 June, 2023 at 04:05 PM


Premier and Minister for the Olympic and Paralympic Games
The Honourable Annastacia Palaszczuk

Treasurer and Minister for Trade and Investment
The Honourable Cameron Dick

Minister for Resources
The Honourable Scott Stewart

  • The 2023-24 State budget will inject more than $50 million to boost the resources and natural resource sectors.
  • A new $21 million grant program will drive exploration for gas reserves in the Bowen and Galilee Basins.
  • Drought affected producers with primary production leases will also be supported with rent rebates.

An injection of more than $50 million from the State Budget will boost exploration initiatives in Queensland’s resources sector while also helping make the state’s landscapes more resilient.

The $21 million Frontier Gas Exploration grants program is a new initiative that will help drive exploration for new gas reserves in the Bowen and Galilee Basins over the next two years.

Nearly $10 million of additional funds will be invested over the next four years under Queensland’s vegetation management framework with a focus on working with landholders on the government’s commitment to achieve emission reductions targets.

The Government will continue to implement the Queensland Resources Industry Development Plan, a 30-year vision to grow and transform the sector.

The Natural Resources Recovery Program (NRRP) will continue to be supported, providing $10 million in grants in the next financial year to help improve the resilience of Queensland’s natural landscapes and support jobs.

Quotes attributable to Premier Annastacia Palaszczuk:

“The resources sector is one of the key drivers of Queensland’s economy supporting about 75,000 good jobs mainly in regional areas.

“We are continuing to back the resources industry, the people it supports along with our regional communities through this year’s budget.”

Quotes attributable to Treasurer Cameron Dick:

“This budget continues our commitment to work with industry to grow and transform Queensland’s resources sector and to keep it thriving.

“We value the resources industry for the jobs it supports and the royalties it generates which help support our regional communities throughout Queensland.”

Quotes attributable to Resources Minister Scott Stewart:

“Exploration is the lifeblood of new resources projects and jobs, and that’s why as a government we are continuing to support exploration.

“Our new $21 million Frontier Gas Exploration program also recognises the important role of gas for firming renewable energy generation in Queensland as we work to achieve 70 per cent renewable energy by 2032 and 80 per cent by 2035 under the Queensland Energy and Jobs Plan.

“Queensland continues to do the heavy lifting when it comes to gas and we continue to support the sector.

“The NRRP has been extremely popular because it increases the potential of the state’s natural resources, supports the creation of good jobs and regional economies

“That is why we will continue to support in this program with $10 million in the next financial year.

“This is a budget that will continue to invest in our natural resource assets to achieve real environmental and economic outcomes for Queensland communities.”