A four square kilometre site on the Gold Coast will become a dedicated conservation area after the state government brought it for $24 million.
"We've already identified about 98 koalas in that conservation area," Premier Annastacia Palaszczuk told ABC television on Tuesday.
"We know the Gold Coast is a growing city, and we also know that there are land developments happening around Pimpama and Coomera, and this means that our furry friends ... will be protected forevermore."
The announcement follows a budget estimates hearing last week that revealed $2.7 million of public funding earmarked for a wildlife research centre at Dreamworld was instead spent on a rollercoaster.
Ms Palaszczuk said the Gold Coast theme park had chosen to redirect the cash as it recovered from the impact of the coronavirus pandemic.
"I'm hoping that Dreamworld will now do the right thing, and that they will invest their own money into that project that they had spoken to the tourism department about," she said.
"Both are a great added attraction to Dreamworld."
Tousim Minister Stirling Hinchliffe told last week's hearing Dreamworld requested the project be placed on hold while it focused on re-investment in 2020.
In a bid to kickstart the tourist industry, the government launched the $25 million Growing Tourism Infrastructure Fund to accelerate the recovery from COVID-19.
"Under that fund, we saw Dreamworld seeking assistance for the support and construction of a new multi-launch rollercoaster ride."
Dreamworld was given the green light to "repurpose" the funding.
