Addressing the Committee for Economic Development of Australia in Brisbane yesterday, Natural Resources Minister Andrew Cripps said he was committed to rebuilding investment certainty in the state and forecast a more responsive, practical stage government approach to resource industry issues.

"There is no doubt that sustainable growth in the mining and gas industries will be a key driver of Queensland's much-needed economic recovery, particularly in regional areas," he said.

"A sector that earns $40 billion or 15 per cent of gross state product annually and provides 58,000 full-time jobs, will be critical to reining in Queensland's massive budget deficit.

"The LNP's challenge will be to strike a policy balance that supports growth in the resources sector yet respects the environment and ensures the broader community shares in the wealth generated."

Cripps reiterated the government's commitment to cut red tape by 20%, saying work had already begun on a bill to modernise and streamline the approval process applying to resource projects.

"This will help drive economic growth, restore our international investment reputation and make it easier to do business in Queensland."