Summary:

The Queensland Government has unveiled its 2024-25 budget, focusing on substantial investments in cost of living relief, energy infrastructure, housing, and small business support. Key initiatives include a $1,300 electricity rebate for households, significant funding for renewable energy projects, and a $350 million housing fund. 

Cost of living relief

Queensland households will benefit from a $1,300 reduction in electricity bills in 2024–25. This comprises a $1,000 Cost of Living Rebate from the Queensland Government and a $300 rebate from the Australian Government. Vulnerable households will receive an additional $372 Queensland Electricity Rebate, bringing their total support to $1,672. Additionally, approximately 205,000 eligible small businesses in Queensland will receive a $650 credit on their electricity bills, co-funded by both governments.

QLD’s Big Build

The Queensland Energy and Jobs Plan will see an investment of $26 billion over four years, aiming to enhance the state’s renewable energy and transmission infrastructure. This includes:

• $16.5 billion for renewable energy and storage projects
• $8.5 billion for transmission infrastructure, including CopperString 2032, SuperGrid, and Renewable Energy Zone transmission works
• $500 million for distribution network storage, including Energy Queensland’s Local Network Battery Plan and Local Renewable Energy Zone Pilot Projects
• A $150 million Job Security Guarantee Fund to support energy workers transitioning from coal-fired power stations to new roles or receiving financial assistance.

Homes for Queenslanders

To address housing shortages, the government is committing $350 million to incentivise infill development, accelerating the delivery of new homes in strategic locations.

Other support

• First Nations: $11.2 million over four years will fund initiatives supporting Closing the Gap, addressing disparities in health, education, and employment for First Nations communities.
• Small Business: An investment of over $250 million over three years will support various small business initiatives. This includes grants, disaster recovery assistance, cybersecurity investments, and free training under the Free TAFE program to equip Queenslanders with necessary skills.

Renewable energy investments

The budget outlines significant investments to meet renewable energy targets, including:

• $712 million for CopperString 2032, connecting Mount Isa and the North West to the national grid
• $801 million by Stanwell for the Wambo and Tarong West Wind Farms
• $500 million for CS Energy’s Lotus Creek Wind Farm
• $275 million for CleanCo’s Swanbank Battery
• $936 million to progress the Borumba Pumped Hydro Energy Storage scheme
• $38.5 million for early works at the Pioneer Burdekin Pumped Hydro Energy Storage scheme

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