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Regional Economic Futures Fund

The Regional Economic Futures Fund, known as the REFF, is a $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 and the Queensland Energy and Jobs Plan. It will support activities which:

  • create new jobs
  • strengthen regional supply chains
  • support decarbonisation
  • 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

Extensive consultation has been undertaken to help inform the development of a regional transformation strategy in each region. This includes dedicated Stakeholder Advisory Committees including representatives from local government, industry and the community, as well as targeted consultations and online surveys. 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. REFF funding announcements are due to be made in the second half of 2024.

Background

The Queensland Energy and Jobs Plan 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. The plan 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 are being developed through targeted consultation with local communities. This includes regional workshops, one-on-one discussions and online surveys.

Key contacts

REFF is being delivered by the Department of Energy and Climate in partnership with the Department of State Development and Infrastructure (DSDI).

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

For more information, 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.

  • 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 are  being 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.

    The department received significant input from the community during the REFF consultation phase and a volume of project ideas that exceeded the funding pool. Consideration is being 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.

    During the REFF consultation process, the department received approximately 400 project ideas which are currently under assessment.

  • 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 will be drafted and ready for implementation in 2024. REFF funding announcements are due to be made in the second half of 2024.

Further Information

Read the Queensland New-Industry Development Strategy

For more information about regional economic transformation opportunities and decarbonisation information, read about the Regional Transformation Strategy and Local Economic Opportunities (LEO) Network

Learn more about the Queensland Energy and Jobs Plan.

Visit compliments and complaints to lodge any feedback or to make a complaint.

Last updated: 11 Jun 2024