QUEENSLAND: HOW TO SECURE ITS LONG-TERM ECONOMIC FUTURE
By Mark Richards
“It’s the economy, stupid.” This iconic phrase from Bill Clinton’s 1992 presidential campaign resonated last week across two major Queensland conferences, highlighting the urgency of shaping a coherent and ambitious economic strategy for the state.
On Tuesday, the Mining Critical Minerals Forum in Townsville brought together leaders from across industry and government to explore how Queensland can seize the immediate economic opportunity to become a global leader in the production and processing of critical minerals—materials essential to industries from transport and defence to clean energy and digital infrastructure.
A Future Made in Australia will depend on secure, local supply chains of these minerals to unlock the potential of world-leading technologies such as SunDrive’s copper-based solar panels and vanadium redox flow batteries.
With more than $650 billion in critical minerals resources, Queensland stands at a turning point. Realising this opportunity will require more than just resource extraction—it demands coordinated investment in enabling infrastructure like the CopperString 2032 transmission line, and, critically, access to low-cost, clean energy to remain globally competitive.
If managed correctly, the scale of this economic opportunity will dwarf the Charters Towers gold rush of 1871, with benefits radiating well beyond state borders.
But the window of opportunity is narrowing.
While South Australia partners with BHP to expand refining of copper at Olympic Dam, Queensland’s copper smelting operations in Mount Isa is facing an uncertain future with Glencore asking for financial backing from the Queensland and federal governments to keep Mount Isa's copper smelter in operation. The threat is real: energy costs are already reshaping where global processing occurs.
Queensland’s world-class renewable energy potential gives it a natural advantage. While the coal seam gas (CSG) industry has grown into a major export earner, rising domestic gas prices and tight supply have diminished its role in supporting local industry. Future competitiveness will rest not on fossil fuels, but on Queensland’s abundant solar and wind resources.
According to the Superpower Institute, regional Queensland enjoys a high combined capacity factor for wind and solar. This means solar and wind resources are complementary, ensuring consistent, year-round energy generation with minimal seasonal disruption. In contrast, areas with strongly seasonal wind or solar production, such as equatorial regions, require costly infrastructure that sits idle for months at a time. Queensland’s reliability offers a crucial edge.
This theme was underscored at last Friday’s Queensland Community Renewables Forum in Hughenden—midway between Townsville and Mount Isa. Jointly hosted by Coexistence Queensland and the Queensland Renewable Energy Council (QREC), the forum reinforced the importance of the CopperString Project in delivering low-cost power to the North West Minerals Province.
The Queensland Government has reaffirmed its commitment to the project—particularly the Eastern Link from Townsville to Hughenden, partnering with the Queensland Investment Corporation (QIC). However, uncertainty now surrounds the extension to Mount Isa, raising investor concerns about long-term infrastructure planning.
More broadly, recent signals from government have been mixed. While opening new areas for gas exploration, the state also cancelled approvals for the Moonlight Range Wind Farm in Central Queensland. These inconsistencies send troubling messages to investors.
Private capital is ready to deploy—not just in mining, but in downstream industries such as battery manufacturing, data centres, and renewable fuels. What’s missing is a stable, forward-looking investment environment.
Unlocking the full potential of Queensland’s resource sector can also deliver broader regional benefits—from water infrastructure and agricultural expansion, to local supply chains, skilled jobs, and revitalised rural communities. The government’s ambition to double agricultural exports and build a bioenergy industry is achievable—but only if confidence is restored.
Crucially, the government doesn’t need to fund all of the infrastructure itself. Rather, it must create the right environment for private capital to do what it does best—invest for long-term returns. That means stepping back from ideological positions and letting the market drive innovation and delivery.
Queensland’s future is undeniably bright. But without policy consistency and investor confidence, capital will flow to other states or offshore entirely. If that happens, Queensland may be left to shoulder the cost of development on its own, missing its once-in-a-generation opportunity to become a global energy and resources superpower.