Govt mulls revamp of Qld investment powerhouses

Speculation is still swirling around George St that the State Government is preparing a revamp of Queensland’s two most powerful financial institutions.

Damien Frawley is the chair of QTC’s Capital Markets Board. Picture: Aaron Francis / The Australian

Speculation is still swirling around George St that the State Government is preparing a revamp of Queensland’s two most powerful financial institutions - the $100bn Queensland Investment Corporation (QIC) and Queensland Treasury Corporation (QTC).

City Beat reported in February that the Crisafulli administration is looking at board and legislative changes, or a potential merger between QIC and QTC.

A similar merger was undertaken by the NSW Government when it joined the asset management and liability management organisations of NSW TCorp in 2015.

Spies tell us another potential action under consideration is the closure of the QIC-operated Qld Debt Retirement Fund.

The speculation comes as Damien Frawley, the chair of QTC’s Capital Markets Board, finishes his three-year term in June.

Frawley has not confirmed whether he is staying on, telling your diarist this week that he hasn’t had a “conversation about what happens then.”

Damien Frawley is the chair of QTC’s Capital Markets Board. Picture: Aaron Francis / The Australian

Frawley, who was appointed by Labor in 2022 and is a former chief executive of the QIC, is well respected on both sides of politics and is believed to have the full support of Treasurer David Janetzki in the role.

But if Frawley does decide to depart it may presage a shakeup of both institutions. The LNP government has already made a number of changes to the government finance sector since coming into power in October, including the departure of high profile Queensland Treasury Corporation boss Leon Allen who leaves in the coming weeks.

There have been some high-profile missteps by QIC in recent years, including losses in real estate, loans to Credit Suisse plus a now worthless equity stake in troubled Thames Water.

Our spies tell us a QIC and QTC merger could bring the government-owned corporations’ operations closer to the Queensland Government and reduce inefficiencies. Watch this space.

Barke departs

UnitingCare Queensland chief executive Craig Barke is departing after seven years as the head of one of the state’s biggest employers.

UnitingCare, which operates the Wesley and St Andrew’s Hospital in Brisbane as well as Bluecare and Lifeline, last year started operating through a newly incorporated legal entity.

UnitingCare chair Jim Demack acknowledged Barke’s impact and legacy.

“On behalf of the board, I would like to thank Craig for his unwavering commitment and contribution to our mission over the years,” Demark said.

“His leadership has guided UnitingCare to achieve significant milestones, including expanding our service offerings and enhancing our community outreach programs.” Barke says his stint with UnitingCare and ARRCS has been one of “incredible experiences, challenges, and the privilege of working alongside an exceptional team.”

UnitingCare said the search for Barke’s successor will soon commence. “Craig will work closely with the board to ensure a smooth transition, ensuring that the outstanding work of the UnitingCare team continues seamlessly under the stewardship of the new CEO,” it said.

Uniting Care chief executive Craig Barke with aged care resident Fay Hughes, 88

Cotton pickin

Cotton picking is underway in Central Queensland with growers in the region recording average results despite the slow start to the season and late rain.

Cotton Australia general manager Michael Murray says generally the signs are good across the country for cotton with expectations that more than 4.8 million bales will be produced.

The Australian cotton growing season usually begins with planting in October but that varies as growers look for the right soil conditions including water profile and temperature before making a decision to plant.

Originally published as Govt mulls revamp of Qld investment powerhouses