May 18, 2020

Resources fund signed off in $100m boost for regions

Resources fund signed off in $100m boost for regions

New Treasurer Cameron Dick has announced a deal that will channel $100 million into community infrastructure for Queensland resource regions.

Under a Memorandum of Understanding (MOU), the State and the Queensland Resources Council have settled arrangements for resource companies to chip in $70 million over three years for a Resources Community Infrastructure Fund (RCIF). 

The State has committed to contributing $30 million to the fund. Their agreement also locks in the current rate and threshold for coal and metal royalties.

“While COVID-19 has wrought terrible damage on the lives and businesses of Queenslanders, some of our traditional, regionally-focussed industries like mining and agriculture have spared us from even greater economic damage,” Mr Dick said.

“They’ve kept Queenslanders employed and continued to generate export revenue for our state.

“I am pleased that by partnering with Queensland’s mining sector, we are able to deliver for regional resource communities through this new fund,”

QRC chief executive Ian Macfarlane said the RCIF would be in addition to the $74 billion in contributions the sector made to the Queensland economy including more than $5 billion in royalty payments to the Queensland Government.

An expert advisory committee will review and make recommendations for allocating funding for community infrastructure projects in Queensland resource communities.