The Queensland government will spend $40 million trying to steal innovative businesses from other states and overseas.
Premier Annastacia Palaszczuk says the funding is part of a $225 million boost to her government’s Advance Queensland innovation agenda to be unveiled in Tuesday’s state budget.
Ms Palaszczuk said the Advance Queensland Industry Attraction Fund, of $10 million a year for four years, would mainly include small grants to encourage businesses to set up in the state.
‘I make the commitment that we won’t just work at building new business here in Queensland, but we will actively look to poach existing innovative industries and businesses from interstate and overseas,’ the premier told a pre-budget breakfast in Brisbane on Monday.
‘Queensland has successfully incentivised business investment before and we can do it again.’
Ms Palaszczuk pointed to the fact the government earlier this year convinced NSW-based Southern Oil Refining to establish a $16 million biofuels pilot plant in Gladstone in central Queensland, despite the company already having facilities in Wagga Wagga.
Treasurer Curtis Pitt said the government would also attract interstate businesses through payroll tax relief and competitive tax settings.
However, he wouldn’t be drawn on how the government would pay for the attraction fund or the rest of the Advance Queensland funding boost.
‘You’re going to have to wait until tomorrow’s budget,’ he said.
‘I know you’re very eager, but tomorrow we will be outlining exactly what our position is.’
The new Advance Queensland funding will be in addition to $180 million from last year’s budget, meaning the scheme will receive $405 million overall across the forward estimates.
The new funding will go towards 13 new initiatives, including $33.5 million to encourage Asian tourism in the state, $22.7 million for a small business strategy and $6 million for regional innovation hubs.
AAP
