UP to 28,000 new jobs could be created in Queensland, thanks to investment in infrastructure in the Galilee Basin.
The State Government announced today they will take a short-term financial stake in rail, port and other infrastructure needed to open up the mineral rich region to create the jobs.
"To build on our Galilee Basin Development Strategy, we are now prepared to sign agreements with Galilee Basin proponents who can demonstrate they will meet the majority of the cost of providing this common-user infrastructure," said Premier Campbell Newman.
The first Infrastructure Enabling Agreement would be signed with Indian company Adani to build the rail line needed to link the $16.5 billion Carmichael project to the Port of Abbot Point.
"The Carmichael project could create almost 6,500 jobs and this agreement will see the Queensland Government invest in the rail line needed to carry coal to port," Mr Newman said.
"The mine and rail project has received both State and Commonwealth environmental approval and will be subject to 226 environmental conditions."
Deputy Premier and Minister for State Development, Infrastructure and Planning Jeff Seeney said the revenue created from projects such as Adani's Carmichael project will build the schools, hospitals and roads of the future.
"Adani's Carmichael project is expected to inject $500 million into Queensland's economy during construction and $3 billion at full export capacity.
"Our decision to help build the rail link for this project will get it happening more quickly and ensure its benefits start to flow to the people of Queensland.
"Today we have signed the first of these agreements with Adani, but the State is open to negotiating similar agreements with all proposed Galilee Basin miners."
Adani Australia CEO, Jeyakumar Janakaraj said this agreement has given confidence to investors.
It's estimated the proposed standard-gauge rail line subject to today's agreement will take approximately two years to build, be able to transport 100 million tonnes of coal a year and pump up to $790 million into regional Queensland's economy and over $900 million into the state economy during its construction phase.