The event has a long tradition in not only Queensland golf but Australian golf also as it has served as a National Trial and Ranking event in recent times.
A cut will be made on Wednesday evening to the leading 70 players and ties before the final 36 are played on Thursday and Friday.
While several of Australia's best amateurs in recent years are preparing for a career in amateur golf, a young man who is rapidly becoming a standout, Cameron Smith is in the field and will likely start as the favourite.
After his excellent performances at the Japan Golf Tour's Asia Pacific Panasonic Open where he finished 17th and when 13th in the individual at the Eisenhower Trophy Smith will be considered as one of the possible winners along with the likes of Victorian Nathan Holman and NSW Amateur Champion Brett Drewitt.
All three golfers are headed for Bangkok in two weeks time for the Asia Pacific Amateur Championship where a victory will earn them a start at the Masters at Augusta National in 2013.
Other players heading for Bangkok and in this week's field include Ricky Kato and James McMillan, the other member of that squad, Oliver Goss, preferring to have a break before heading off to Asia.
The defending champion in 2012 is Newcastle golfer Jake Higginbottom who had a stellar year in Queensland in 2011 winning the Queensland Amateur Championship also.
Other recent winners include Gavin Fairfax and Daniel Nisbet, neither of whom are playing this week. Nisbet is preparing for a tilt at the PGA Tour's Qualifying School.