Treasurer Andrew Fraser has ensured the corporate office of Queensland Rail (QR) to remain in Queensland.

The state government has established restrictions on the ownership of at least 15 percent of the QR National float. The limitations cover any one entity, either alone or in cooperation with others.

Fraser explained the stipulation will ensure QR National remained a company with broad-based ownership and for the company “to remain based here in Brisbane.” The treasurer said, “(QR National CEO) Lance Hockridge is hereafter shackled by the Parliament of Queensland to the city of Brisbane along with the rest of his team.”

Another reason for keeping the corporate offices in the state, according to Fraser, is “Q in Qantas stands for Queensland and I think in the future people will understand that the Q in QR National stands for Queensland as well.”

QR National is set to raise between $4 billion and $5 billion with the prospectus out on October 10 and a sharemarket listing in late November or early December. The rail company is expected to emerge with a market capitalization of $8 billion.

Keeping the soon-to-be second largest listed company in Queensland within the state is one step towards in strengthening the ties with rest of corporate Australia. Local companies planted earlier in the state soon found Perth, Sydney, and Melbourne as a corporate growth area.