It has also made a big investment in revamping vital infrastructure in regional Queensland and upskilling the workforce to enhance industry productivity and employment.
In calculating likely royalty revenues, the Treasury has sensibly adopted some realistic and achievable assumptions about coal prices for the year ahead, while adopting a conservative exchange rate assumption, according to Queensland Resources Council CEO Michael Roche.
“Royalty revenues also reflect the beginning of the long-term budget dividend from development of an export gas industry, growing to over $0.5 billion a year by 2018-19,” he said.
“Queensland’s minerals and metals sector keeps delivering to the state, with a budgeted royalty contribution of $463 million in 2015-16.
“In line with the government’s pre-election commitments, pleasingly the budget does not appear to resort to a clawback through other taxes, fees and charges.”
Mines Minister Anthony Lynham said the Budget delivered funding for key sectors across the natural resources and mines portfolio.
“The agriculture and resource sectors are vitally important to the state economy for the jobs, regional growth and significant economic benefits they deliver for all Queenslanders,” Lynham said.
“This budget provides funding to support these sectors in challenging times and to ensure the ongoing sustainable management and use of our land, water and mining resources.
“The first Palaszczuk government Budget will deliver better online services, boost coal seam gas compliance and manage public safety risks associated with abandoned mines.”
Lyneham said key initiatives for the budget include the allocation of $13.7 million, including $7.8 million in capital funding, to modernise and enhance departmental online services to deliver faster service outcomes and make it easier for people to do business with the Department of Natural Resources and Mines and $6.2 million for the Abandoned Mines Land Program to manage the public safety risks associated with abandoned mine sites across Queensland.
The government announced an infrastructure funding program of $10.1 billion in the 2015-16 Budget, and total capital purchases of $35.4 billion over the four years to 2018-19.
Treasurer Curtis Pitt said the 2015-16 capital program was structured to ensure a consistent flow of works to underpin jobs growth and economic activity in Queensland.
“Queensland Treasury estimates that the State’s 2015-16 capital works program will directly support around 27,500 full-time equivalent jobs – this is a welcome boost to economic activity in Queensland,” he said.
“Of these, 10,500 jobs are expected to be supported by roads and transport-related projects, with almost $4 billion committed to infrastructure and capital grants for Queensland’s roads and transport network.
“Energy and water infrastructure and capital grants will also make a significant contribution to our economic well-being, with an anticipated 6500 full-time equivalent jobs to be supported.”
Skills
Pitt said the Budget also delivered for those Queenslanders seeking a job by implementing the government’s commitment to the Working Queensland jobs plan.
“A key element of this Budget’s $1.6 billion jobs plan is the Skilling Queenslanders for Work initiative, which will support some 32,000 Queenslanders back into work,” Pitt said.
“It will create jobs now, and jobs for the future.
“Our Working Queensland jobs plan will help create the conditions for growing jobs and building new businesses.
Pitt said the Working Queensland jobs plan would focus on skills, training and innovative industries to promote jobs, growth and investment.
“It has five key priorities: skills and training, enhancing business productivity, boosting government services, fostering emerging and innovative industries and growing our regions,” he said.
“The Skilling Queenslanders for Work initiative is exactly what the Queensland economy needs – it is designed to return $8 into the economy for every $1 invested.
“The Budget also delivers an additional $34.5 million in funding to restore TAFE over the next four years to ensure more Queenslanders are job-ready.
“To better align skills demand and long-term workforce planning, we will also allocate $40 million to the establishment of Jobs Queensland as an independent statutory authority.”
The Queensland government will also play its part, with 10% of the workforce on all government projects required to be apprentices and trainees. This now applies for the first time to Government Owned Corporations, Curtis said.
