A significant catalyst for future growth will be the Queensland Government’s commitment to deliver its largest ever capital program of $89 billion over four years. The program will see $20.32 billion spent in 2023/24 – with around two-thirds to be invested outside the Greater Brisbane region – directly supporting 58,000 jobs across the State. Importantly, the Government has announced landmark capital investment of around $19 billion over the forward estimates period to deliver on the Queensland Energy and Jobs Plan (QEJP).

The State’s capital program will support investment in critical infrastructure across Queensland that will enhance private sector productivity and competitiveness over the longer-term, as well as be a major driver of economic growth and job creation and assist the State in decarbonising its energy system.

The energy transition will provide a long-term boost to the Queensland economic growth story. A key focus will be on least cost transition to decarbonise our electricity system in the lowest cost way to deliver the most competitively priced power. Moving decisively to deliver energy transition through least cost delivery of the QEJP presents an opportunity to realise competitive advantage for Queensland.

As the central financing authority for the Queensland Government, Queensland Treasury Corporation (QTC) has an important role to play in supporting this capital investment. Our established funding program, facilities in a variety of markets, and strong relationships with key local and global investors, enable us to source funds for the Queensland Government at the lowest possible cost. QTC also operates a dedicated government advisory function helping policy makers and government-owned corporations bring the QEJP to life and support least cost transition.

In the coming years, our borrowing task is set to increase as the government’s capital spending increases. Based on solid performance going into COVID, and a nation-leading recovery, Queensland’s balance sheet is in a strong position to support this important uplift and maintain very positive credit metrics. Reflecting this, Queensland has a AA+/ Aa1 credit rating and stable rating outlooks.1 Credit rating agencies acknowledge QTC’s contribution in the form of its prudent debt management and strong liquidity position.

The State is embarking on this next exciting chapter in its history. We have a big opportunity ahead and will no doubt encounter challenges in order to deliver on commitments, especially as governments around the world undertake a similar transition process. It’s a great opportunity for Queensland and we look forward to working with government and the private sector to support investment in Queensland’s energy transition and future growth.

1 QTC is rated AA+/A-1+/Stable by S&P Global Ratings and Aa1/P-1/Stable by Moody’s Investors Service.