Queensland Minister for Natural Resources and Mines Dale Last has announced a full review of the state’s Financial Provisioning Scheme (FPS), saying the reforms are designed to remove unnecessary barriers to investment while maintaining strong environmental safeguards.
Speaking at the Queensland Mining & Engineering Exhibition (QME) in Mackay, Last said the review formed part of the Queensland Government’s broader strategy to restore confidence in the state’s resources sector through improved policy settings and faster approvals.
“For many businesses in this room, the financial provision scheme might not be the most exciting topic on today’s agenda, but I would argue that it is one of the most important,” Last said.
While reaffirming that mining companies must continue to rehabilitate land and meet their environmental obligations, Last said industry had consistently raised concerns that the scheme was tying up capital that could otherwise be invested in growth.
“Capital that should otherwise be invested into exploration, expanding opportunities, buying equipment, or employing Queenslanders can become unnecessarily tied up,” he said.
“It doesn’t create a single new job. It doesn’t produce another ton of resources, and it doesn’t improve environmental outcomes.”
The FPS manages Queensland’s financial risk if mining companies abandon sites or fail to meet their environmental rehabilitation obligations.
Under the Mineral and Energy Resources (Financial Provisioning) Act 2018, projects with an estimated rehabilitation cost of less than $10 million must provide a financial surety covering the full rehabilitation cost. Projects above that threshold undergo a financial risk assessment to determine whether they pay an annual contribution to the scheme fund or provide a surety.
Last said the review would examine where unnecessary barriers to investment could be removed while retaining strong environmental protections. Public consultation will begin in September before administration of the scheme transfers to the Department of Natural Resources and Mines.
“Because this government rejects the false choice between environmental responsibility and economic development, Queensland can have both, and we should expect both,” he said.
“This is about getting the balance right.”
The Minister positioned the review as part of a broader effort to strengthen investment confidence across Queensland’s resources sector.
“Confidence begins long before a mine is built,” Last said.
“It starts with exploration.”
Last said the State Budget continued that focus through a series of measures supporting critical minerals development, including expanding the Queensland Critical Minerals Fund to $250 million, investing a further $46.1 million to accelerate critical minerals projects and allocating $6.4 million to unlock valuable minerals from legacy mine waste and tailings.
He also highlighted reforms aimed at improving project approvals through the Resources Cabinet Committee, established following the government’s election.
According to Last, applications lodged across all commodities increased by 30 per cent in 2025–26 compared with the previous financial year, while average decision times for production applications fell from four and a half years to less than three years over the same period. The average age of exploration permits under consideration in 2026 has also fallen by 16.6 per cent compared with 2024.
Addressing the more than 350 exhibitors gathered at QME, Last said the event itself demonstrated continued confidence in Queensland’s mining sector despite ongoing challenges including volatile commodity prices, rising costs and global uncertainty.
“This industry comes together here because this region sits at the centre of one of Queensland’s great resource areas,” he said.
“Government doesn’t build mines. Companies don’t build industries on their own. Success comes when government creates the right conditions for investment, for innovation, and long-term confidence.”
Last said exploration remained the foundation of the state’s future resources industry, noting that every mine operating in the Bowen Basin today began with exploration investment.
Since becoming Minister, he said he had approved 23 petroleum leases, while the department had released another 21 exploration areas for tender, including six carrying the Australian market supply condition to strengthen domestic energy security while continuing to support export markets.
