BUSINESS and government heads will meet in Cairns today to decide what major projects can be fast-tracked to ensure a stable economy following the Qantas flight cuts.

Minister for Tourism, Regional Development and Industry and Cairns MP Desley Boyle has called the meeting to do a "diversification stocktake" of the Far North’s economy, amid fears of a sharp downturn in the tourism industry.

According to preliminary estimates, the loss of major flights between Cairns and Japan could cost the region up to $125 million and 1200 jobs.

Ms Boyle said plans needed to be put in place to safeguard the region’s economy during the "uncertain period ahead" while the tourism industry worked to counter the Qantas cuts.

The meeting will include regional council leaders, Advance Cairns, chambers of commerce, representatives from industries such as aviation, marine and education and government department chiefs.

"We need to fast-track current work being undertaken to ensure we can bolster our economy through boosting other economic sectors," Ms Boyle said.

She said such projects included the Great Barrier Reef marine training centre, a $40.5 million government office building in Cairns and several private developments and initiatives.

"While a lot of hard work has been done over the years towards diversifying the regional economy, it is timely that we review our progress and ensure a united and integrated action plan to take us through the difficult period ahead," Ms Boyle said.

"What we will achieve from this meeting are agreed actions on key projects to be taken by government and business to bolster our region during this difficult period," she said.

The Department of Tourism, Regional Development and Industry also is holding workshops on June 18 and 25 for businesses in Cairns.

For more information, call the Cairns office on 4048 1111 or visit the Queensland Government tourism website.

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