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Regional Economic Futures Fund

The Regional Economic Futures Fund, known as the REFF, is a new $200 million program to support communities in seizing industry development opportunities presented by global decarbonisation.

REFF is a component of the Queensland new-industry development strategy (QNIDS) and the Queensland Energy and Jobs Plan (QEJP). It will support activities which:

  • create new jobs
  • strengthen regional supply chains
  • support decarbonisation and the QEJP
  • either builds on or identifies a region’s strengths
  • supports renewable energy precinct development.

The regions being funded are those which:

  • include communities that have coal fired power stations and associated mines that are a significant source of economic activity and jobs
  • have unique opportunities to support new industries like critical minerals, renewable energy, hydrogen and biofuels.

These regions are:

  • North-West Queensland (including the corridor to Townsville)
  • Greater Whitsunday
  • Central Queensland
  • Darling Downs, South-West and the South Burnett

In each region, there will be a Stakeholder Advisory Committee that will include representatives from local government, industry and the community. They will help inform the development of a regional transformation strategy for each of these regions and implementation plans. As each region is unique, each regional transformation strategy will be designed to highlight the specific strengths and opportunities of the region.

REFF funding will be allocated to specific projects that have been identified through regional consultation as those that will best support the region’s economy over the long term, creating sustainable jobs and stronger, diverse economies.

Background

The Queensland Energy and Jobs Plan (QEJP) is the Queensland Government’s plan to realise the transformation of Queensland’s energy system to deliver clean, reliable and affordable energy for Queenslanders. The plan aims to attain Queensland’s target to have 80% of energy produced from renewable energy sources by 2035 and net zero emissions by 2050.

Increased investment from government and industry in Queensland’s renewable energy sector will bring about significant energy transformation in regional Queensland. QEJP provides actions to:

  • provide confidence to investors and capital markets
  • deliver clean, reliable and affordable energy to households and businesses
  • give certainty and deliver better outcomes to our workers and communities
  • unlock opportunities for industry investment.

Queensland is ripe to capitalise on private sector and global interest in renewable technologies due to Queensland’s rich natural resources, government support of renewable energy developments and Queensland’s expertise in mining and industry.

Consultation and regional input

The regional transformation strategies and implementation plans will be developed through targeted consultation with the local communities. This will include regional workshops, one-on-one discussions and online surveys.

Key contacts

The department is delivering the REFF program via its regional office network.

Regional officers will be a key point of contact for renewable energy transformation and ensure councils are kept engaged and informed on current and future government initiatives.

For more information on the REFF or to discuss potential project opportunities, contact your local regional office:

North West Queensland region
P 07 4747 3900
E nwq@dsdilgp.qld.gov.au

Greater Whitsunday region
P 07 4898 6800
E mackay@dsdilgp.qld.gov.au

Central Queensland region
P 07 4924 2914
E CentralQueensland@dsdilgp.qld.gov.au

Darling Downs South West region
P 07 4616 7306
E Toowoomba@dsdilgp.qld.gov.au

Bundaberg Burnett region
P 07 4331 5616
E wbbregionalservices@dsdilgp.qld.gov.au

Frequently Asked Questions

  • Regional energy transformation describes the decarbonisation of regional economies that have traditionally relied on carbon-based energy sources, such as coal and oil, and are in the process of capturing opportunities to evolve into low-carbon economies.

  • The $200 million Regional Economic Futures Fund (REFF) will support communities to seize the industry development opportunities presented by global decarbonisation.

    The REFF will be allocated to specific projects that have been identified through regional consultation as those that will best support the region’s economy over the long term. The objectives of the REFF are to support long term community prosperity by:

    • increasing long-term, sustainable employment; and
    • increasing investment in economic development and diversification projects.

    Regional transformation strategies and implementation plans will be developed and delivered in consultation with communities. REFF funding will be allocated to specific projects that have been identified through regional consultation as those that will best support the region’s economy over the long term, creating long-term sustainable jobs and stronger, diverse economies.

  • REFF will support communities most impacted by the global decarbonisation and energy transformation. The regions being funded are those which:

    • include communities that have coal fired power stations and associated mines that are significant source of economic activity and jobs
    • have unique opportunities to support new industries like critical minerals, renewable energy, hydrogen and biofuels.

  • As each region is unique, each regional transformation strategy will be designed to highlight the specific strengths and opportunities of the region.

    Funding is likely to be directed towards the following types of activities:

    • Projects that create new jobs (expansion of existing industry or investment attraction)
    • Activities that strengthen existing regional supply chains
    • Specific activities that support decarbonisation and the QEJP
    • Specific activities that build on or identify a region’s strengths, such as research and business cases
    • Specific precinct development to support a diverse economy

    This could include:

    • Facilitation activities, such as feasibility studies for diversification projects and sustainability initiatives, small-scale common user infrastructure in traditional industries (for example tourism, agriculture), funding for agricultural trials and funding for mine waste reprocessing.
    • Policy design and implementation such as local economic planning, housing action plans and regional marketing campaigns.
    • Skills development such as digital capability program for small business, industry training packages for Indigenous peoples, workforce planning studies and meet the buyer events.

    Projects will be assessed according to the following criteria:

    • Responds to an issue or opportunity outlined in the regional transformation strategy
    • Supports long-term employment growth and retention, through industry/business expansion, investment attraction or skills development
    • Provides specific opportunities to diversify the economy
    • Facilitates the establishment of new industries in the region
    • Strengthens existing regional supply chains
    • Develops business and industry capacity to operate in a low-emissions or more diversified economy
    • Supports precinct development to assist in local investment, diversity or decarbonisation
    • Supports Aboriginal & Torres Strait Islander employment, skills development, business establishment or investment
    • Identifies or leverages a region’s strengths by way of feasibility studies, business cases or targeted research

    Funding is unlikely to be allocated for the following:

    • Projects that would normally be funded via other programs or organisations, unless it provides an opportunity to leverage funding already allocated to the project and bring forward implementation. The key consideration would be long-term benefit in terms of investment and jobs.

    Based on previous experience, activities identified will likely exceed the funding pool. Consideration will be given to funding activities through alternate and complementary programs, state agencies and other levels of government.

  • There is no grant program funding being offered through the REFF program.

    To discuss a potential project opportunity, contact the relevant local regional office (details above).

  • The department will coordinate the REFF program throughout the four priority regions. The regional office network also operates the LEO network.

    The LEO network will be active in supporting and promoting government initiatives that support decarbonisation beyond the REFF.

  • It is anticipated that the regional transformation strategies and implementation plans will be drafted and ready for implementation in early 2024.

Further Information

Read the Queensland New-Industry Development Strategy

For more information about regional economic transformation opportunities and decarbonisation information, visit the Local Economic Opportunities (LEO) Network

Learn more about the Queensland Energy and Jobs Plan

Last updated: 10 Jan 2024