In particular, the federal government has confirmed plans to invest in a number of key transport infrastructure projects across the state.
Deputy Premier Jeff Seeney, Transport and Main Roads Minister Scott Emerson and Treasurer Tim Nicholls each welcomed the news in a May 14 statement.
“Last night’s Federal road funding announcements are the culmination of a long battle waged by [the Queensland government],” Mr Seeney explained.
How the budget affects Queensland infrastructure
A number of major funding commitments have been announced as part of the federal government budget including road infrastructure in Toowoomba, Brisbane and Central Queensland. These investments include:
- $508 million to improve the Warrego Highway
- $1 billion for the Gateway Upgrade North
- $1.3 billion committed to completing the Toowoomba Second Range Crossing
- $6.7 billion for upgrades and repairs to the Bruce Highway
Mr Emerson explained that this funding would be used to “deliver more capacity, safety and flood mitigation projects across Queensland”.
“These projects are essential projects for Queensland and will help us to grow our four pillar economy,” Mr Nicholls agreed.
Further budget benefits for Queensland’s economy
In addition to providing for targeted employment and apprenticeship growth in Toowoomba, Brisbane and other infrastructure project-specific locations, the budget has also created strong benefits for businesses in the region.
One announcement in particular – the 1.5 per cent cut to the company tax rate – should help small businesses across Queensland to improve cashflow, reinvestment and growth. This tax cut may encourage small business owners to expand their enterprises, taking on additional staff and entering new markets.
Business and economy in Queensland is expected to also benefit from the increased infrastructure spending, according to the Australian National Retailers’ Association (ANRA).
“The dedicated road infrastructure investment will provide a better transport network to large scale logistic operators like retailers,” ANRA Chief Executive Margy Osmond explained.
“The jobs associated with this infrastructure will also mean a brighter future for a number of communities and their retail businesses.”
As employers and industry leaders respond to the federal government’s budget, Mr Nicholls has reminded locals that his state budget will be released on June 3 this year, with plans to support and improve the state’s current financial standing.
By Leanne de Toerkenczy, Public Relations Coordinator