Editorial: Mega project funding will make or break Qld LNP government

For better or worse, two huge and high-risk projects will define the legacy of Queensland’s LNP government, writes the editor.

Treasurer David Janetzki in Parliament on Tuesday. Picture: Steve Pohlner

The Crisafulli government has just committed nearly $2bn to two huge and high-risk projects, which, depending on success or failure, will define its reputation as either visionary or incredibly careless with public money.

Treasurer and Energy Minister David Janetzki has confirmed the state government will not only continue to support the previous Labor government’s CopperString Townsville-to-Mount Isa transmission line development, but also throw in an additional $1.4bn of public money.

That will boost the state’s exposure to what is likely to be Queensland’s largest project – originally costed at $2.5bn but now estimated at $13.9bn – to more than $2.4bn

He has also announced the LNP will honour the previous government’s $470m commitment to a billion-dollar federal-state funding deal to help US-based tech firm PSIQuantum build the world’s first practical quantum computer in Brisbane.

Both projects meet the definition of visionary – one, a 1100km power line delivering energy from Townsville to the highly prospective North-West minerals province and the other is “transformational technology”.

But like all visionary projects, there’s a lot of risk and no guarantee of success. Both projects were Labor government initiatives and the LNP could legitimately have chosen to walk away. Instead, it has decided to stay.

Which, we hope, means it knows something we don’t because, without further detail, both investments still look like high-risk bets with public money.

We’re not against the idea of governments placing bets on the future and investing in long-term infrastructure that may be needed in the future.

On the face of it, hooking up resource-rich Northwest Queensland to the national energy grid makes sense. There are billions of dollars of undeveloped mineral reserves and ideal renewable energy sites to provide power to the rest of the country, if only the transmission lines were there.

And having a world-first quantum computer in Brisbane, would, to quote from Queensland Treasury’s website, “create significant opportunities for advanced manufacturing, advanced technology supply chains and higher education in Australia’s and Queensland’s quantum ecosystem”.

But apart from a few media statements, neither the previous nor current state government has given us anything resembling a business case to support public investment in either CopperString or PSIQuantum’s project.

In both cases, it boils down to “trust us, we know what’s best”.

Well perhaps, but the CopperString project has always been surrounded in politics. It began as a private sector project 15 years ago and has long been championed by the politically influential Katter clan.

When the state government took control of the project two years ago, then-premier Annastacia Palaszczuk declared it to be “the most significant investment in economic infrastructure in North Queensland in generations”. But again, she provided no details, just reassurance.

Similarly, although the LNP government had decided to continue supporting the PSIQuantum project, it hasn’t released details to justify its decision.

We don’t have a fundamental problem with governments being visionary or backing nation-building schemes. But they do their due diligence and share it with the taxpayers who are footing the bill.

CAM OUR NEW MAIN MAN

Just 16 men have had the honour of captaining Queensland’s State of Origin team.

Of those, six were skipper in just one or two games, including Arthur Beetson, who led the Maroons out in the first match in 1980.

Now Cameron Munster joins the list that includes Beetson, Wally Lewis, Mal Meninga, Allan Langer, Gorden Tallis, Darren Lockyer, Cameron Smith and of course Daly Cherry-Evans.

And who would have thought it was possible just four years ago, when Munster was suspended, fined and placed on an alcohol ban after a “white powder” scandal.

But one of the great things about rugby league is how it offers redemption to those who lose their way. And Munster has taken that chance.

“I just made some poor choices off the field and now I want to right the wrongs of that,” he said yesterday. “I probably put my name in the dirt there for a little bit, but I want to show that people can change.”

Before Origin I last month Queensland legends Lewis and Langer said Munster was the heir to King Wally’s throne.

Now he has a chance to lead Queensland back into this Origin series, and if he does he will join the legendary Maroon skippers.

Responsibility for election comment is taken by Chris Jones, corner of Mayne Rd & Campbell St, Bowen Hills, Qld 4006. Printed and published by NEWSQUEENSLAND (ACN 009 661 778). Contact details here