Budget Backs Queensland’s Booming Resources Sector

JOINT STATEMENT
  • The 2024-25 Budget will inject more than $90 million to boost the resources and natural resource sectors
  • $4 million to investigate potential for natural hydrogen industry
  • $5 million for security and safety works on former resort land on Great Keppel Island

The 2024-25 State Budget reaffirms the Miles Labor Government’s strong backing for the resources sector.

This includes $4 million to investigate the potential for a natural hydrogen industry in Queensland.

Natural hydrogen extraction is an emerging industry and could be a crucial part of the energy mix as Queensland moves to decarbonise.

A total of $70.6 million will be spent over four years from 2023-24, continuing work to monitor, manage and secure abandoned mine sites across Queensland.

This new funding builds on previous commitments by the Miles Labor Government to back the state’s resources sector including:

An additional $17.5 million over four years until June 2027 through the Collaborative Exploration Initiative to support exploration companies to discover the minerals and metals that the world needs, as committed under the Queensland Resources Industry Development Plan.

$21 million Frontier Gas Exploration grants program to fast-track the development of future gas supply for Queensland.

The State Government will also continue to support efforts to unlock Great Keppel Island’s tourism potential with $5 million in new funding to undertake safety and security works on the former resort site.

As stated by the Premier Steven Miles:

“The resources industry is one of the key economic pillars of Queensland’s economy, employing thousands of people and sustaining rural communities.

“The royalties it generates helps fund vital infrastructure all Queenslanders use like hospitals, schools and roads.

“Queensland’s resources sector has a bright future and our investment through this year’s Budget will ensure it’s ready to take advantage in the next industrial revolution, whether it’s in critical minerals or natural hydrogen.”

As stated by the Deputy Premier and Treasurer Cameron Dick:

“Queensland’s resources industry is the best in the world and the workers who ply their trade in the industry are renowned across the globe.

“The resources industry also provides valuable revenue to the Queensland State Budget, to deliver the roads, rails, hospitals, frontline workers and services this growing state needs.

“That’s why our Government is once again supporting the resources sector in the Queensland Budget with funding to improve the industry now and prepare it for the future.”

As stated by the Resources Minister Scott Stewart:

“The 2024-25 Budget will not only deliver cost-of-living relief to all Queenslanders but also continue to back our resources industry and the more than 75,000 workers it supports.

“We signalled our intent to lead the sector into the next industrial revolution with the $315 million investment into growing Queensland’s critical minerals sector, and this year we are providing additional funding looking into the potential for a natural hydrogen industry.

“This industry is still in its infancy, and we want to partner with research organisations to see if there are sources of naturally occurring hydrogen and if it’s economically feasible to extract it.

“Natural hydrogen is another potential source of green energy and could be a part of the energy mix as Queensland moves towards a zero-emissions and renewable energy future.

“We’re also committed to protecting Queensland’s natural resources which includes our wonderful islands.

“We are injecting $5 million towards making the former resort on Great Keppel Island safe and secure after the former owners left it in a state of disrepair.

“We are doing this because we believe in GKI’s tourism potential and for the jobs and business opportunities it will create for Queensland.”

/Public Release. View in full here.