QLD Budget 2022-23: A Post-COVID Budget

22 June 2022

QLD Budget 2022-23: A Post-COVID Budget

Queensland Treasurer Cameron Dick handed down his third budget yesterday, where he revealed a surplus of $1.9 billion for 2021-22, compared to the projected deficit of $1.4 billion in December. However, net debt is forecast as $11.4 billion for 2021-22. The Budget had a significant focus on health and housing, with a number of measures being funded by changes to three new or increased taxes. These funds will come from a hike in coal royalty rates; a five per cent increase in point of consumption taxes for the wagering industry; and the introduction of a new mental health levy in 2026. Premier Annastacia Palaszczuk touted the next 10 years the State’s ‘Golden Decade’ in the lead-up to the 2032 Olympics and Paralympic Games.

The Budget revealed a record health spend for Queensland, committing $23.6 billion for frontline health services this year. Treasurer Dick announced new hospitals for Bundaberg, Toowoomba, Moranbah and Coomera and hospital expansion projects in Cairns, Townsville, Robina, Mackay, Redcliffe, Ipswich and Hervey Bay. In health-adjacent news, the Royal Flying Doctor Service also had a boost of funding for a new 10-year contract and creation of the mental health levy on large businesses with national payrolls of more than $10 million. “The levy will impact less than 6,000 businesses in Queensland, including 850 businesses with national payrolls of more than $100 million. It will inject $1.64 billion into the state over five years to improve mental health and wellbeing,” the Treasurer said.

The Treasurer also outlined the Education and Training budget of $19.6 billion. The budget provides for 675 more teachers and nearly 200 more teacher aides in 2022-23 and $100 million will be allocated over four years to enhance and build new high-performance sports infrastructure in schools through the Go for Gold Fund. Another five schools will be opened in 2025-26; in Caboolture, Caloundra, Ripley, Flagstone, and Bahrs Scrub. The Budget also provides an additional $2.2 billion for Child Protective Services.

The Budget included $29.7 billion for road and transport infrastructure, including $200 million to proactively address housing land supply challenges in the south-east region. Much of the funding will go towards the government’s four-year roads and transport investment plan dedicated to upgrading the M1 in multiple locations and the new Coomera Connector highway. Deputy Premier and Minister Assisting the Premier on Olympics Infrastructure Steven Miles said planning for Brisbane 2032 infrastructure will ramp up over the next three-to-four years.

After what was – for many – a traumatic disaster season, the Government has committed $1.7 billion in 2022-23 to continue recovery, reconstruction and resilience programs in partnership with the Federal Government. There will also be $2.9 billion for Police resourcing and an additional 2,025 police officers by 2025.

In his speech, the Treasurer alluded to the Government’s Energy Plan, which will be delivered later in the year. In additional energy measures, the Budget revealed that Queenslanders will receive $175 off their power bills as a Cost-of-Living Rebate in 2022. The rebate builds on the $50 asset ownership dividend announced earlier this year.

Opposition Leader David Crisafulli will give his Budget Reply speech this Thursday and Budget Estimates will run from 26 July to 4 August.

For further information on key QLD portfolio measures, please refer to GRACosway’s detailed briefings:

KEY PARAMETERS IN 2022-23

  • Net debt is forecast as $11.4 billion for 2021-22.
  • Unemployment rate at 4 per cent.
  • Regional unemployment rate 5 per cent.
  • Gross state product forecast to drop to 2.75 per cent.
  • Infrastructure spend in 2022-23 is $29.7 billion.

FURTHER READING

For more information on the State Budget, or to enquire about our communications, public affairs and government relations services in Queensland, please contact our Brisbane office on +61 7 3226 2600 or [email protected]

Isuru Neelagama
Director – Public Affairs
M: +61 451 005 661
E: [email protected]

Kirstin Payne
Associate Director – Public Affairs
M: +61 412 153 160
E: [email protected]

 

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