As many of our cities and towns grow, and our economy changes, Queensland faces a critical lack of public infrastructure.
Wages are stagnant and joblessness and underemployment are both rife while corporate profits are soaring. Our economy is no longer working for everyday Queenslanders.
Queensland Public Infrastructure Bank
The Queensland Greens will create the Queensland Public Infrastructure Bank which would invest $10 billion over 5 years to build public infrastructure like schools, hospitals, green space and public transport that we desperately need.
The Public Infrastructure Bank is in addition to the Queensland Greens’ previously announced plans to create universal housing by building 1 million affordable homes, and a plan for 100% publicly owned clean energy.
This surge in investment would help create a jobs and investment boom across Queensland. It would amount to a giant stimulus package to create good steady jobs. Those jobs are especially important for areas facing a downturn as the mining boom recedes.
Jobs and investment boom
Under the Greens, Queensland would experience a jobs and investment boom. Together with our previously announced plans to build 100% publicly-owned clean energy and 1 million affordable homes within thirty years, the total government investment across Queensland would be $52 billion over 5 years.
This extra investment would double the Queensland government’s capital works budget which is currently $42.75 billion over four years.
How the QPIB would work
The Queensland Public Infrastructure Bank would act on instructions from the Queensland government, but would provide independent, publicly available analysis supporting each investment in critical public infrastructure.
The Queensland Public Infrastructure Bank’s priorities would be:
- Building or upgrading schools and hospitals in areas of need
- Building better public transport infrastructure, including securing vital future corridors
- Securing land for green space in rapidly growing areas of Queensland
- Investing in communities hit by the end of the mining boom
Labor and the LNP have allowed mining companies to take their massive profits from the mining boom offshore, and now many Queensland are regions struggling. We can’t afford to leave any Queenslander behind. The Queensland Public Infrastructure Bank would have strict rules ensuring that investment is shared equitably around the State.
All infrastructure funded by the Bank must remain in public hands forever. Privatisation has failed, and Queenslanders need a guarantee that vital public services will be delivered in the interests of everyone.
The Queensland Public Infrastructure Bank would invest $10 billion over five years, The breakdown of funding sources would be:
- $6 billion in direct State government funding based on making sure property developers and big mining companies pay their fair share.
- $4 billion from additional State government borrowing, taking advantage of low interest rates available on long term infrastructure bonds.
With record low interest rates, now is the time to invest in crucial infrastructure. The Queensland government has an AA+ credit rating, and similar to Australia as a whole, has extremely low public debt levels by international standards.