General News
5 March, 2025
Special Economic Zone push for the North West
North West leaders are keen to come up with a solution that stimulates growth in the region.
Robbie Katter has called for the creation of a Special Economic Zone (SEZ) in the North West to rescue our region from its “emergency.”
The Traeger MP said several recent junior mine closures, combined with a declining population, were evidence that the region’s future wealth and prosperity were being squandered by a regulatory environment that was not fit for purpose.
Mr Katter said the necessities that drove local economic growth could only improve if local industry and government leaders were given greater input into policy areas that were generally decided from Canberra or Brisbane.
The MP has pledged to “explore all available options” to see a Special Economic Zone established to drive a renewed investment and job boom in the North West.
It’s a move that already has the support of some industry and local leaders and Mr Katter said the development of a SEZ would fuel a drastic reconsideration of what economic levers were required locally to increase investment, business confidence and job opportunities across the North West.
“The fact is Queensland has always been too big for one set of rules,” Mr Katter said.
Mr Katter said while there was widespread acknowledgement of the region’s true economic potential, especially with its abundance of highly sought after copper, rare earth and critical minerals, there needed to be taxation arrangements and approval processes that were appropriate for local business operators and jobseekers.
“We have had a continuous problem with bureaucrats and politicians in Brisbane trying to create conditions and guidelines that are sometimes completely irrelevant to the North West,” he said.
“The costs associated with rail, water, power and other utilities in our region are some of the highest because government just applies a one size fits all approach to delivering policy across the state and the nation.
“The state and federal governments will have to decide whether or not they want the billions of dollars in royalties from economic activity coming out of our region.
“If they decide they want it, then we need to look at new ways to deliver that economic activity because we have things that are falling apart at the seams out here.
“The (Special Economic) zones have been successful in other parts of the world, so we already have seen some results, and the North West would be an excellent place to attempt to create a Special Economic Zone because it has unique attributes already, like a strong support for the resources industry and it is geographically isolated.
“I think this has reached a state of emergency and I want to explore all options available to see how we might build a special economic zone for this region.”
Discussion around the creation of SEZs across parts of northern Australia has gained increased attention in recent months following vocal support from mining magnates and policy think tanks.
While the concept is not common in Australia, SEZs have been highly successful across Europe in driving economic growth in post-Soviet Union countries and, more recently, with the development of “Opportunity Zones” under the first Trump administration, which fuelled billions of dollars in new investment across some of the poorest areas of the United States.
In a statement released last year, Hancock Prospecting executive chair Gina Rinehart said Special Economic Zones in Northern Australia would enable government regulations to be streamlined and taxation incentives on income and investment to be shaped to attract workers, encourage new businesses and drive more investment.
“Over the course of Australia’s history, what drives living standards to rise?” Ms Rinehart asked.
“Canberra still doesn’t get it – lowering taxes and tape in these special zones, has not only been successful, but has led to much more investment and revenue, not less, and hence, has shown that overall tax revenue increases.”
Mount Isa mayor Peta MacRae has similarly echoed support for the creation of a SEZ and said she would like to see a review of taxation arrangements to improve livability in the region.
“I think a Special Economic Zone might be one of the only ways to make all our plans available,” she said.
“We need to look at the taxation arrangements and the royalties being delivered to local government so the council can work to make the city more livable for our residents. This region has given so much to the nation and it is time for the nation to look at what it can do to help us.”