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Queensland will spend $5 billion on an 1100km electricity transmission line linking the state's vast northwest mining region to the national grid for the first time.

The state government will take over private company CuString's planned CopperString 2.0 project to build a high-voltage line from Townsville to the northwest, which is rich in copper, zinc, lead, silver and potentially phosphate and rare earth minerals.

Premier Annastacia Palaszczuk said the line capacity will be increased between Townsville and Hughenden to allow future renewable energy projects to connect to the grid as well.

State-owned transmission provider Powerlink will conduct early work this year before construction starts next year, with the project due to be completed by 2029.

"CopperString is the most significant investment in economic infrastructure in North Queensland in generations," Ms Palaszczuk said in a statement on Tuesday.

Claudia Brumme-Smith, CEO of economic development body Townsville Enterprise, said having a concrete timeline will give green energy and mining projects certainty to invest.

"We have spoken to plenty of prime ministers, plenty of premiers, and they all were supportive, but no one ever put their money where their mouth is," she told ABC Radio North Queensland on Tuesday.

"The premier has done that today. Yes, it took us 10 years, but ... we haven't built transmission lines like that for decades."

Ms Brumme-Smith said there were "billions of dollars in the wings" as wind farms, solar farms and critical mineral mining projects waited on the enabling infrastructure.

She is projecting a total of 3000 jobs for the region accounting for the subsequent projects.

Climate Council campaigner Nathan Hart said the transmission line was "the missing link" in Australia's energy transformation.

"CopperString 2.0's high-capacity transmission opens up massive renewable energy potential in one of the sunniest places on earth,'' he said.

"That means cheap and plentiful electricity for manufacturing and industrial heat."

In January the government indicated it was keen to take over the project, after CopperString 2.0 was given federal approval in December.

"Building this transmission line opens up 6000 megawatts of potential renewable energy in the North Queensland Renewable Energy Zone, creating more jobs than our state has ever seen in a new, decarbonised resources sector stretching from Townsville to Mount Isa," Energy Minister Mick de Brenni said in a statement.

"They're starting right now, with early works packages to be rolled out almost immediately."

Stephanie Gray, deputy director of Solar Citizens said, unlocking 6000 megawatts of renewable capacity would be "the equivalent of doubling the existing large-scale solar and wind farms in Queensland".

She said the region "has some of the country's best co-located solar and wind resources that can be turned into abundant, cheap electricity".

The project, which has bipartisan support, has been the subject of multiple state and federal election promises over the years.

Local federal and state MPs Bob Katter and Robbie Katter have been pushing for CopperString 2.0 since 2003.

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Consumers remain downcast ahead of the March cash rate decision, with the Reserve Bank broadly expected to hike interest rates again and inflict more pain on mortgage holders.

Consumer confidence as sampled by ANZ and Roy Morgan every week has been tracking well below monthly averages and returned another depressed result last week, falling 0.1 points to 79.9.

But the index did show a 2.9 point recovery in confidence for those paying off a mortgage despite the impending interest rate decision.

ANZ senior economist Adelaide Timbrell said the improved sentiment among mortgage holders did follow a sharp fall the week before.

Confidence among renters and outright home owners slid last week, but Ms Timbrell said both groups were still tracking above those paying off a home loan.

The subindex results were mixed, with "current financial conditions" down 1.5 points but "future financial conditions" lifting by a modest 0.3 points.

"Future economics conditions" unwound losses from the past two weeks to lift 4.7 points, while "current economic conditions" sunk 1.2 points.

"Weekly inflation expectations" remained unchanged at 5.2 per cent and "time to buy a major household item" sunk 2.7 points.

Consumer confidence remains stuck in deeply negative territory following elevated inflation and nine interest rate rises, with the RBA expected to hike for the 10th time on Tuesday afternoon.

For mortgage holders, another 25 basis point rate hike will stretch household finances even further.

Analysis from comparison site Canstar shows another cash rate hike will add $1051 to monthly repayments (compared to April 2022 levels) on the average $500,000 loan with 30 years remaining on the term.

With inflation still well above the RBA's two to three per cent target band, in recent communications the central bank has adopted a firmer stance on inflation and at the February decision indicated "further increases in interest rates" would still be needed.

The Australian National University RBA shadow board has assigned an 81 per cent probability to another rate hike on Tuesday and a 19 per cent chance the bank will hold.

"There are growing signs past interest rate increases are working their way through the economy, which are for example reflected in a weakening consumer outlook, but current economic conditions remain relatively benign," the shadow board noted.

Government Services Minister Bill Shorten said the likely rate hike would be difficult for many mortgage holders.

"It's going to be incredibly tough for families with mortgages. Quite frankly, I don't know how a lot of them are doing it at the moment," he told Sky News on Tuesday.

"I just want this cycle of pain to come to an end as soon as possible because at a certain point it's almost counterproductive."

But he acknowledged it was important not to have "runaway inflation".

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Anthony Albanese is going in to bat for Australian businesses and educators as he heads to India for an innings with Narendra Modi.

He will lead a business delegation of representatives from sectors including mining, energy, aviation, education and finance, as well as the trade and resources ministers, to discuss renewable energy and defence co-operation.

The prime minister told an Australian Financial Review summit on Tuesday there was plenty of room to expand the relationship, given that India is Australia's sixth largest goods and services trading partner.

"Our two nations share a very rich history," Mr Albanese said.

"We're bound by our democratic values and enlivened by genuine friendship, but also ... a fierce sporting rivalry, and I look forward to attending a half an hour anyway of the fourth Test."

He said diversifying trade markets would make the Australian economy more resilient and secure.

One key area will be climate-related technology, with India setting the goal of 50 per cent renewable energy and 30 per cent electric vehicles by 2030.

"Australia can help realise those goals, not just as a supplier of critical minerals, but as a provider of technology and services, mining equipment, software and systems expertise, training and skills," Mr Albanese said.

Value-added products such as batteries, storage and charging technology, solar panels, electrolysers and zero-carbon fertilisers would also be important for the Indian economy.

Mr Albanese will visit Mumbai, New Delhi and Ahmedabad.

Business Council chief executive Jennifer Westacott said the benefits in the areas of clean energy and education are "overwhelming", given India is set to become the most populous nation by 2024 and grow its economy by more than 50 per cent by 2026.

"This delegation will put some of the biggest investors and most significant businesses from Australia in the room with political and business leaders from both nations," she said.

"It will be the start of closer and more intense engagement."

The Australian Chamber of Commerce and Industry has also welcomed the trip, with chief executive Andrew McKellar saying the delegation was a good opportunity to cement future trading opportunities.

"Increasing access to Indian markets will help Australian businesses diversify, bringing immense benefits to local industries through growing exports across sectors like education, agriculture and critical minerals," he said.

"Now that the Australia-India trade agreement has come into force, the task now is to ensure that political and business leaders capitalise on this opportunity, and that we maintain momentum to deepen engagement."

The trip comes as the region faces energy and food insecurity and a more assertive China.

Australian universities are looking to capitalise on the 500 million-strong student market expected by 2035.

Universities Australia chief executive Catriona Jackson, who will be travelling to New Delhi, said India has emerged as a crucial partner for the tertiary education sector.

"This is a golden period in our education relationship with India. We must grasp it with both hands," she said.

"We can do that by educating Indian students in Australia, research collaborations, and through our universities having a physical presence in India."

© AAP 2023