The $150 million Advance Queensland Industry Attraction Fund (AQIAF) is our financial incentive program and complements our full suite of investment attraction and support services.
AQIAF, like all our industry attraction work, seeks to bring innovative projects to Queensland and help them grow in order to drive job creation, regional growth, increased innovation and technology and supply chain development.
To be eligible to receive Advance Queensland Industry Attraction Fund (AQIAF) support, your project must be contestable and result in economic benefits to the state, including job creation, regional growth, increased innovation and technology and supply chain development.
Being contestable means that it could be undertaken in more than one location. For example: a project that must be based at an airport on the east coast is contestable, compared to one that must be based specifically at Brisbane airport.
Additionally, your project must perform very strongly against at least some of the following criteria:
- Employment – the extent to which a project will result in a sustainable increase in employment. This includes any flow-on impacts on employment in other sectors.
- Regional development – the extent to which a project will achieve positive regional development and employment outcomes.
- Increased innovation and technology – the extent to which the provision of a financial incentive will result in the implementation of an innovative technology or business practice. Assessment against this criterion includes consideration of the potential for the technology or business practice to be disseminated throughout the industry in Queensland and the likely impact on long-term productivity.
- Capturing greater value from global value chains - the extent to which the provision of a financial incentive will enable the business to move up and along global value chains, and in doing so, capture additional value, which will manifest in increased value to the Queensland economy.
AQIAF, and its support to projects, is based on the following principles:
- Incentives are targeted at achieving outcomes consistent with the Queensland Government's broader policy objectives, particularly projects that align with one of Queensland's priority industries.
- The project must be contestable. Impacts of 'crowding out' on other private sector investment in Queensland will be assessed and material impacts will be avoided where possible.
- The project must be commercially viable in the absence of any incentive and should be considered reasonably sustainable. The project should be promoted by a proponent with a demonstrated successful business track record and the evident capability to undertake the type of project proposed.
- Projects must generate economic activity that would not have occurred in the absence of the incentive.
- Incentives are only provided by the most appropriate instrument/s. This may include the provision of rebates of specific state government applied taxes, duties, fees and charges.
- Incentives should be linked to the achievement of clearly defined outcomes and specific milestones.
For more information on AQIAF eligibility or learn more about other assistance available, contact the Investment Attraction team.