Treasurer delivers pro-business, pro-growth budget

Introducing his first budget, Treasurer Cameron Dick said it contains no surprises with no new or increased taxes, while delivering on the Government's commitments.

The Treasurer has announced deficits across the four years of the forward estimates.

Treasurer Cameron Dick delivering the QLD Budget

Interstate comparisons

At the end of the forward estimates, Queensland's total Non-financial Public Sector Debt will reach $130 billion, while NSW will reach $190.8 billion.

By 2024, NSW and Victoria will have total debt levels exceeding 190% of revenue; while Queensland will have reached 174%.

If General Government debt to revenue is used, Victoria will be 212%, NSW 170% and Queensland 134%.

Key Economic Forecasts

According to the Budget papers the current fiscal year will see weak but slightly positive growth in Gross State Product, with inflation remaining positive, at or below 2% over the next four years.

Following a peak of 7.5%, unemployment is forecast to trend toward 6.5% in 2024.

According to the Federal Budget there will be net interstate migration of 86,000 over the next four years. Population growth will be positive but weak.

Initiatives and Spending

Ongoing COVID-19 response

• additional $360.5 million this financial year, to assist with the delivery of the government’s COVID-19 response plan. The funding is available to fund a range of services, and activities, including: fever clinics; contract tracing; the cost of Personal Protective Equipment; and the running of quarantine in government arranged accommodation

• $74 million to fast-track tourism recovery and restore tourism jobs through our Rebuilding Queensland Tourism initiative

Manufacturing

• $600 million towards $1 billion commitment for train manufacturing

Small Business

• $140 million for our Big Plans for Small Business Strategy

• $30 million to increase the skills and capabilities of our small businesses, through a focus on priority industry sectors, market development and mentoring

Infrastructure

• Capital works and infrastructure program of $56 billion - a record spend over the past decade

Education and Training

• $1 billion over four years through the Great Schools, Great Future commitment

• $200 million invested in the skills of the future, through a suite of initiatives

Environment

• $500 million Renewable Energy Fund which will allow publicly owned energy companies to increase their public ownership of commercial renewable projects

• $40 million to support ecotourism based around the Great Barrier Reef and to protect the State's natural assets

The full Budget Papers can be found here.