Qld Premier Annastacia Palaszczuk promises new cost-of-living relief for small business

One state’s premier has pledged to back small business with cost-of-living relief to help them stare down interest-rates and inflation pressures.

Small businesses in Queensland can nab a $12,500 rebate to install energy efficient equipment in a $16m cost-of-living move to help them stare down the twin pressures of high interest rates and rising input costs.

Premier Annastacia Palaszczuk made the announcement at her annual State of the State address in Brisbane on Wednesday, part of a larger pitch to show off her government’s economic management and argue to voters the pressures bearing down them come from forces outside of her control.

“Despite the strength in Queensland’s economy, we know that families and households continue to be hurt by global and national pressures,” she said.

“As the world adjusts to the end of the pandemic, war has returned to Europe.

“The result is higher global interest rates and fuel costs.”

Queensland Premier Annastacia Palaszczuk delivered the annual State of the State address at the Brisbane Convention Centre. Picture: Dan Peled / NCA NewsWire

The Queensland Business Energy Saving and Transformation program will cover up to 50 per cent of the cost to install new energy efficient equipment for the state’s more than 450,000 small-to-medium businesses.

Eligible businesses will be able to claim up to $12,500 cash back and must spend a minimum of $8000 to receive the minimum rebate of $4000.

Energy efficient equipment covered by the scheme include consumer appliances with a 4-star energy rating or better, energy efficient commercial refrigerators or freezers and LED lighting.

Speaking before key Cabinet ministers and local mayors at the Brisbane Convention Centre, Ms Palaszczuk boasted there were 276,000 more jobs in Queensland than in March 2020.

“Our economy is set to grow at 3 per cent this financial year, or twice as fast as the nation,” she said.

“We have lower debt than our southern neighbours. Taxes are $551 lower per person. With exports of goods over $125bn.”

She also announced a new $250m investment to support a “100-fold increase” in internet speeds in regional Queensland.

In addition to cost-of-living relief for small business, the premier announced a new strategy to commercialise research into quantum technology. Picture: Dan Peled / NCA NewsWire

“This investment will bring fibre and wireless connectivity to the regions to bridge the digital divide,” she said.

“To create the largest publicly owned regional fibre network in the nation.

“It will provide capital city speeds in the regions supporting high-paying tech jobs.”

The new speeds will be delivered through the Queensland Capacity Network, a government-owned business.

The premier has also moved to make Queensland a new hub for quantum technology, allocating $76m to commercialise Queensland’s research into the cutting-edge field.

“The strategy will build on the new quantum and advanced technologies industry that is already developing in Queensland,” she said.

“This is not a futuristic dream. Companies and universities are already at work in this field.”

The Premier’s speech comes about a year before the next state election, booked for October 2024.