A $6.5 billion land investment project from Queensland to New South Wales has been hailed as one of the biggest ever by developers.
The Patron Land Project is expected to generate an extra $4 billion in gross value in Queensland alone and create 2,200 jobs over the next 25 years.
Queensland’s new “Patron” land investment scheme, which is due to be unveiled by the state’s Treasurer this week, is one of a series of infrastructure projects planned by the Government to boost the state economy over the coming years.
The land investment will be financed through the State Infrastructure Fund and is one example of a range of projects Queensland’s State Government is considering in an effort to spur economic growth.
Queensland Infrastructure Minister Nick Smith has confirmed that the new $6 billion land project will be the largest ever.
He said the $6bn investment will bring a massive boost to Queensland’s economy.
“We’ve got a massive land investment that’s being planned by Queensland and it will have a massive impact on our economy in terms of the jobs that will be created, in terms the jobs created in terms that we can bring into the economy, the amount of infrastructure that we need to create, that’s a lot,” Mr Smith said.
“And it’s going to be one of those projects where we’re building the infrastructure so that we’re able to get that investment into the state.”
The new project is expected be completed by 2036.
Queensland State Infrastructure Minister Bob Katter said the Patron project was a “very significant project” for Queensland, adding it would be a major boost to the state.
“There’s so many things that are going to go into the development of the Patrons project, including infrastructure that’s going into the Queensland Power Network and into the electricity market,” Mr Katter told the ABC.
“It’s a very significant investment in terms, I think, for Queensland and for the state of Queensland.”
The project will also help to boost Queensland’s productivity and economic growth over the long-term, he said.
Queensland will be able to export its own oil and gas from the Patrone project, as well as provide a major link to the international market, Mr Katt said.
The State Government’s $1.6 billion capital budget was announced on the day the project was announced.
Mr Katten said the investment in the Patroons project was not just a matter of boosting the state GDP.
“The infrastructure investment is really a massive amount of investment,” he said, adding that the project would bring jobs to Queensland and boost the local economy.
Queensland Premier Annastacia Palaszczuk said she hoped the project could bring many new jobs to the region.
“I know it’s a massive investment in infrastructure, it’s really a huge boost to our economy,” Ms Palaszek said.
Ms Palasyczuk also said the project showed that Queensland had a strong economic model.
“What’s been highlighted with this project is that we have a very, very strong economy that is dependent on the Queensland economy and on the Australian economy and it’s the state that can take care of that,” she said.