Regional Economic Futures Fund

Frequently Asked Questions

• What is regional energy transformation?

  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.

• What is the Regional Economic Futures Fund and what does it do?

  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.

• Why have certain regions been prioritised for REFF funding?

  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.

• What will be funded?

  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.

• Can I get funding?

  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.

• How does the Local Economic Opportunities (LEO) Network connect to the REFF?

  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.

• What is the timeframe?

  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.