Smart State 2.0: Qld’s 10-year plan to create 80K new jobs, $11b in revenue

Annastacia Palaszczuk will channel Peter Beattie to plot Queensland’s post-Covid economic recovery, as Cabinet prepares a new innovation strategy.

Annastacia Palaszczuk will channel Peter Beattie to plot Queensland’s post-Covid economic recovery.

The Premier and her cabinet are poised to sign off on a new plan to propel Queensland to a new age of innovation and scientific breakthroughs, drawing on the memory of the Beattie Government’s Smart State.

Cabinet will on Tuesday resolve to get started on a whole-of-government, 10-year plan for the sector to create up to 80,000 new jobs and $11b in new revenue predicted as possible in a University of Queensland study of how to expand what’s already happening at the state’s innovation hubs.

Queensland Premier Annastacia Palaszczuk with former Premier Peter Beattie

The government will also release a Queensland Innovation Strategy discussion paper for public consultation with the findings of what needs to be done to grow the sector, beyond additional funding, to be completed early 2022 as the state sets a post-Covid path of economic growth.

The university’s research finds the jobs and $11b-a-year windfall could be achieved simply by “boosting growth of the state’s three most significant innovation precincts to global benchmark standards”.

But it says a co-ordinated and strategic approach to further accelerate the sector is needed.

Over the past two decades, Queensland has generated the Herston Health Precinct; the Boggo Road Precinct, encompassing the Ecosciences Precinct, the Princess Alexandra Hospital and the Translational Research Institute; and the Gold Coast Health and Knowledge Precinct.

The Ecosciences Precinct building on Boggo Road in Dutton Park. Picture: Annette Dew

In the regions, there is the Townsville Knowledge and Cairns University Hospital Precincts and the AgTech and Logistics Hub in Toowoomba.

Premier Annastacia Palaszczuk said Queensland had a good track record in investing in innovation.

“In recent decades the Smart State and Advance Queensland initiatives have supported our impressive innovation sector including our world class research centres which will further fire up our economy,” she said.

“The latest UQ study highlights a very bright future indeed for our innovation precincts, hubs and clusters and the exciting growth they will generate.

“New jobs in this sector will be vital as we transition from a short-term economic and health response to a long-term focus on productivity and competitiveness.”

Ms Palaszczuk’s annual CEDA State of the State speech last week painted the scene for a “golden age” for Queensland in the lead up to the 2032 Olympic and Paralympic Games.

Innovation and Tourism Minister Stirling Hinchliffe. Picture: NCA NewsWire / John Gass

Innovation Minister Stirling Hinchliffe said innovation was key in rebuilding Queensland back faster than other states and territories.

“The confident predictions and recommended way forward outlined in the UQ research study backs this up,” he said.

“Innovation works best when industry and researchers work closely together, bring new ideas and applications to life and then commercialise them.”

Advance Queensland has invested $755m in 7500 projects in six years.

They include Brisbane-based rapid flu and Covid diagnostic test company Ellume, Gold Coast-based rocket and satellite launch company Gilmour Space Technologies, and Sunshine Coast-based fire fighting equipment design and manufacturer Helitak, which designed a unique underbelly tank for aerial firefighting.

CEO of Ellume Health Dr Sean Parsons at his Brisbane warehouse. Picture: Glenn Hunt / The Australian