Reforms pave the way for a stronger Queensland
One of the many reasons why people choose to purchase investment property in the state of Queensland is due to its strong economy, which is fuelled by the resources sector. From coal to gold, there's no doubt Queensland is a very mineral rich area, a major drawcard for both domestic and international companies to invest here.
In encouraging news, the resources sector is set to benefit from new reforms delivered by the Queensland government. These reforms were passed through parliament last week and are expected to take effect immediately, helping to provide a boost to the resources sector and further strengthen the economy. These changes will also provide economic benefits to more rural and regional parts of Queensland, such as employment opportunities.
Minister for Natural Resources and Mines Andrew Cripps noted that industry bodies in the resources sector described the previous system as "cumbersome, duplicative, inflexible and overly-prescriptive".
However, with the new changes, things are about to improve.
The newly changed Petroleum and Gas (Production and Safety) Act 2004 will "extend term of all current Authority to Prospect exploration work programs" by two whole years. More flexible relinquishment is also on the cards, while the government will make the process for petroleum lease applications a lot faster to get business off the ground.
Mr Cripps said that not only will this give companies in the resources sector a shorter waiting time to get started on projects, but it will provide them with "certainty required to invest in new capital".
With these reforms taking effect immediately, it's hoped that more businesses will continue to flock to Queensland to take advantage of the mineral rich area. As new projects get off the ground in parts of Queensland, more people will move to these areas for employment, creating a stronger need for housing.
"This is good news for regional and rural communities that benefit from resource projects going ahead and don't want economic development delayed by unnecessary red tape and regulation," Mr Cripps noted.
Construction to benefit
It's not just the resources sector that will be changing in the near future. A new plan for the state's construction industry is coming together in order to boost activity and provide more jobs.
The ConstructionQ initiative will involve extensive consultations with industry experts to find out how activity in this sector could improve. This plan will be a vital tool for Queensland, especially as the construction industry provides jobs to over a quarter of a million people, Minister for Housing Tim Mander noted. Since it brings in around $60 billion to the economy per year, it plays a large part in creating jobs and providing facilities for people living in the state.