The Queensland Government will invest an additional $53.5 million through the Industry Partnership Program (IPP) to $415.5 million to aid more industries, including critical minerals processing, manufacturing, and product development.
Deputy Premier Steven Miles announced that the allocation will also focus on other key priority areas such as renewable energy manufacturing, battery industry development, green hydrogen, bioeconomy including biofuels and sustainable aviation fuel, as well as circular economy including resource recovery and recycling.
The IPP will now support more important projects that are aimed at expanding Queensland’s priority industries, bolstering local supply chains, promoting partnerships between all levels of government and industry, and leveraging private sector investment, the government said in a media statement.
The deputy premier said the $53.5 million increase to the Industry Partnership Program makes it an even bigger and better resource for attracting and growing new sectors and high-value jobs, as well as introducing new skills and capabilities to Queensland.
“Through this new investment in the $415.5 million IPP, we will support emerging industries aligned to the Queensland new-industry development strategy, to keep growing in this state,” Miles noted.
He added that the Palaszczuk Government will continue to prioritise projects that will establish critical new links in industrial supply chains, thereby creating employment and growing our economy throughout Queensland.
“It’s now time to support even more projects in the emerging industries such as critical minerals, renewable energy manufacturing, battery industry development, green hydrogen, bioeconomy including biofuels and sustainable aviation fuel, circular economy including resource recovery and recycling, and biomedical,” the deputy premier concluded.
Since 2021, the government said the IPP has been at the forefront of assisting initiatives in a variety of sectors, including green hydrogen, the bioeconomy, which includes biofuels and sustainable aviation fuel, the development of the battery industry, renewable energy, material recovery, healthcare, and the supply chain for essential minerals.
A total of 18 projects with a combined worth of almost $1.1 billion and the ability to sustain approximately 1,850 employment have been approved by the program.
The Queensland Jobs Fund includes the Industry Partnership Program, which aims to increase the state’s industry footprint, create jobs, and build the economy.
