Queensland delays trust funding
The Queensland Government has announced it will delay its full implementation of its ‘Mines to Minds’ education trust fund until 2018.
While the trust was planned to be funded by half of the state’s liquefied natural gas royalties, the State Government has decided to lock in the total funding for the trust in 2014-15 year to $34 million, despite predicted royalties surging from $120 million to $249 million.
The announcement follows the State Government’s decision to pursue an early return to surplus in 2014-15, announced by State Treasurer Andrew Fraser.
Under the revised plan, $34 million will be injected into the trust until the 2017-18 financial year, when an estimated $315 million will be placed in the trust.