Call to activate more of $500m COVID-19 pandemic cash
There are urgent calls for the State Government to spend more cash from a $500m fund designed to stimulate business and jobs during the pandemic.
QLD Politics
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LESS than half of a $500 million state government fund, aimed at supporting businesses amid the COVID-19 pandemic, has been invested prompting calls for it to be activated immediately.
The Courier-Mail can reveal the government is yet to make further investments from its Backing Queensland Business Investment Fund following its 9.9 per cent stake in the Dalrymple Bay Coal Terminal last year.
This was worth about $150 million.
LNP Deputy Leader and Treasury David Janetzki urged the government to activate the fund - which is to be used over three years - immediately to help grow businesses so more people could be employed.
“It has been four months since the government announced it would borrow $500 million for this fund and not a single dollar has gone to a Queensland owned business,” he said.
“The fund must be immediately activated to grow Queensland businesses that can employ more locals.
“The fund should be helping kickstart our economic recovery.”
But Treasurer Cameron Dick said the Dalrymple Bay Coal Terminal supported thousands of jobs and small businesses across the Bowen Basin and in places like Mackay, Sarina, Moranbah, Dysart and Middlemount.
“Those workers and small businesses will be bitterly disappointed to learn the LNP doesn’t think their industry is worth investing in,” he said.
“Unlike the LNP, the Palaszczuk Government backs Queensland coal miners and the small businesses right across the state that rely on our resources industry.
“The Backing Queensland Business Investment Fund is expected to make its investments over the next three years.”
The fund, which was announced in September last year, was established to invest in businesses and projects that would generate local jobs amid the pandemic.
It’s being managed by the Queensland Investment Corporation.
In a recent question on notice, Mr Dick said, “QIC is independently managing the end-to-end investment process, including pipeline development, assessment of applications, making investment decisions, and ongoing management of investments.”
“QIC is actively considering inquiries and will manage investments in the same manner as it manages its existing $79 billion in funds.”
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