Suncorp has outlined a $25 million jobs and investment package, which includes developing a disaster response centre in Brisbane, as part of bank sale commitments agreed with the Queensland Government.

The commitments are subject to the Australian Competition and Consumer Commission (ACCC) and Federal Treasurer approvals for the sale of the bank to ANZ. Queensland legislation would be amended so state headquarter requirements apply to Suncorp’s retained insurance business.

“This amendment, if approved, will further entrench Suncorp into the fabric of the Queensland community with continued investment and jobs in Queensland prioritised,” Chairman Christine McLoughlin said today.

The package involves investing at least $19 million to develop a Disaster Response Centre of Excellence at the Suncorp Brisbane headquarters. The centre would use latest technology to improve “before, during and after” responses to major events across Australia and New Zealand.

The company would expand the Queensland disaster response team with 20 full-time roles around weather monitoring, climate change, geospatial technology, artificial intelligence, digital transportation and supporting functions. Spending would also include design and fit-out of a mobile hub.

At least $2 million will be allocated for a Suncorp regional hub in Townsville with 120 new jobs, and the company will spend $3 million on community or educational initiatives relating to vocational training, supporting First Nations employment pathways and research, courses, internships and scholarships relevant to disaster resilience and emergency management.

Suncorp CEO Steve Johnston says the agreement, pending approval, is a positive step towards the company becoming a dedicated trans-Tasman insurer at a time when the value of cover and the need for a vibrant and sustainable insurance sector has never been greater.

“Suncorp’s ability to meet the rapidly changing needs of insurance customers, address increasingly complex challenges such as climate change and affordability and to be at the forefront of advocating for a more resilient Australia will be significantly strengthened through dedicated investment as a pure play insurance company,” Mr Johnston said.

As well as boosting Queensland employment opportunities, many of the commitments are aimed at improving community resilience to extreme weather, he says.

Suncorp and ANZ expect the bank sale will be completed in the second half of this calendar year, subject to receiving approvals. The ACCC is expected to make its decision by July 28.

ANZ also today said it has made commitments in an agreement with the Queensland Government. They include establishing a major tech hub in Brisbane, involving digital, cloud and data specialists. Over a five-year period, the bank will hire or place 700 people into the hub. It will work with Google to deliver cloud training for hub staff and with Queensland universities to drive research and training.

“The commitments we’ve been able to secure from both Suncorp and ANZ ensure that the number of skilled jobs in our state’s financial services sector will only grow, not just in the south-east, but in regional Queensland as well,” State Treasurer Cameron Dick said.