Shadow Treasurer and Member for Mulgrave, Curtis Pitt, has welcomed today’s announcement that a Labor Government will establish a $40 million Business Development Fund to help local businesses turn ideas into new products and new jobs.

“Labor’s business development fund will be a major boost for Mulgrave businesses and innovators to capture new markets and create secure local jobs,” Mr Pitt said.

“With an unemployment rate of 6.9% Queensland needs a better way of supporting local industry so it can be the driving force in creating the jobs of the future.

“Recognising and rewarding Queensland innovation is one part of Labor’s jobs plan.

“The Newman LNP Government has made it clear it is not interested in creating local jobs, with youth unemployment over 20 per cent in some parts of Queensland.

“Labor is committed to enabling our best and brightest business minds will be able to take their ideas and innovations to the market and create new jobs.

Mr Pitt said the new fund will be managed by a joint-venture partner to leverage private sector investment and ensure innovative Queensland businesses have access to the start-up capital they need to tap new opportunities in emerging markets.

“Under a Labor Government companies with a majority of their assets and employees based in Queensland would be eligible for up to $250,000 in funding provided on a 50/50 basis for start-up, high-growth investments,” he said.

“New products mean new jobs, new business opportunities, and potential new export income for Queensland industry.”