Qld LNP to establish Galilee Basin Development Commission

THE LNP says falling oil and coal prices are cyclical and it needs to be prepared for "the upturn".

In announcing the party's "real economic plan" on Monday, Opposition Leader Lawrence Springborg said the LNP would establish the Galilee Basin Development Commission to work with the private sector.

"Queensland needs to be ready for the upturn in commodity prices and demand," a booklet circulated at the Queensland Media Club event in Queensland read.

This comes when coal has plummeted to pre-GFC prices and a Four Corners investigation quoting Australia's biggest customers as turning to renewable energy because fossil fuels are on the way out.

Mr Springborg attacked Labor's performance in the resources industry since forming government in February.

"The development of the Galilee Basin is critically important," he said.

"We've already seen the consequences of a government changing a decision which was made by us and shifting that on-land dumping of dredge spoil," he said.

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"That has held up the Abbot Point development by as much as 12 months and is now putting significant pressure on the viability of mining projects.

"We will establish a Galilee Basin development corporation which would then work with the private sector to access funding.

"And also develop and establish ... infrastructure for taking advantage of what is a very resource-rich part of Queensland.

"That would give an opportunity as well to access some of that money which is on the table from the Commonwealth."

A spokeswoman for State Development and Mines Minister Anthony Lynham said the LNP's only plan for the Galilee "has been to use taxpayer funds to prop up commercial projects".

"We support projects that stack up commercially, environmentally and in the community interest. The government remains in discussions with Galilee proponents," she said.

The LNP plan also details a plan to "enhance" its $495 million Royalties for Regions program to ensure mining revenue is invested back into each resource area.

While initially true to its title, the program received much criticism when it opened up to all councils statewide in later funding rounds.

Mr Lynham's spokeswoman said Labor's Building our Regions program would pump $200 million into regional projects over the next two years.

"Unlike the former Newman Government's program, our plan focuses on resource-producing communities and will provide an opportunity to address any impacts of resource sector growth in those communities," she said.

The LNP's economic plan has added manufacturing, services and knowledge-based industries to its priority areas in government - agriculture, tourism, resources and construction.

As Labor battles to stay in power, Mr Springborg said his party was ready to take over at any time.

"We have a … hung parliament with a minority government which is extremely precariously poised," he said.

"The takeout message from me to you today is that if that opportunity presents itself during the course of this term or if it presents itself after the next election, we are ready."

The LNP also would create a Queensland Regional Finance and Insurance Corporation to help rural farmers and other small business enterprises - a move that would likely win the support of Katter's Australian Party if a coalition was needed.

KAP presented this in its 45-point plan to the LNP when both sides were trying to form government after the January 31 election.

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