The Queensland Government has approved the proposed multimillion dollar Costco development at Brisbane's North Lakes, Australia's Queensland Deputy Premier and Minister for State Development Jeff Seeney announced on Monday.

Seeney, who authorized the go-ahead, said his decision to allow the US retail giant to open a store in Queensland was made with great care under the Sustainable Planning Act 2009.

"I formed the view that this development contributes to the future economic well-being of Queensland, in particular the fast growing south-east region," Seeney said in a statement.

"We need to ensure that applications such as this do not get bogged down in protracted legal proceedings."

The application was previously approved by the Moreton Bay Regional Council, but was appealed by objectors in the Planning and Environment Court.

The minister's decision cannot be appealed in the Planning and Environment Court.

Seeney said the approval of the Costco development would create several hundred new jobs.

The Costco development is expected to create 160 construction jobs and 350 retail positions.