Three In Row: Budget Records Third Surplus

JOINT STATEMENT
  • Responsible fiscal management delivers $564 million surplus, outperforming a forecast deficit of $2.182 billion in 2023-24
  • Queensland continues to lead the nation in economic growth and strong labour market
  • $90.738 billion Budget in 2024-25 includes record health and infrastructure funding

Queensland’s $91 billion 2024-25 Budget reveals a hat-trick of surpluses, nation-leading employment, and a positive outlook for the state’s economic growth.

Queensland Treasurer Cameron Dick handed down the 2024-25 Budget in Parliament today, outlining a $2.746 billion turnaround from the forecast to a $564 million surplus in 2023-24.

This is the state’s third operating surplus in a row, following the Queensland record $13.93 billion surplus in 2022-23.

The positive net operating balance was realised while supporting the rollout of $1,000 electricity-bill rebates for all Queensland households, within $3.739 billion of new cost-of-living initiatives. This takes the total concession package to $11.218 billion.

The Budget also sets out a record critical investment of $107.262 billion for a capital program to deliver better health and transport facilities and services, more housing and upgraded schools.

The State Budget is continuing to deliver frontline services with a focus on community safety, education and health:

  • record health funding increase of 10.6 per cent with an additional $4.393 billion over four years to take health funding to $28.9 billion
  • $1.28 billion in funding for the Community Safety Plan for Queensland
  • $1.274 billion continued investment in school and early childhood facilities
  • $502 million to deliver Putting Queensland Kids First Plan supporting children in their earliest years of life
  • Building more homes for Queenslanders with $3.1 billion Homes for Queenslanders Plan.

The Budget has benefitted from increased revenues, including $10.541 billion in coal royalties in 2023-24.

Around $3.6 billion of this is expected to be generated from the new tiers of the progressive coal royalties, introduced in 2022, which return a fair share of coal super-profits to Queenslanders.

Royalties are forecast to decline over the forward estimates as record international coal prices return to medium-term levels.

Queensland continues to be the envy of the nation with exceptionally strong employment growth, adding 366,900 jobs between March 2020 and April 2024.

Queensland’s overall economic growth is forecast to strengthen to 3 per cent in both 2023–24 and 2024–25, supported by ongoing population growth, but driven by a substantial rebound in goods exports.

Inflation eased throughout 2023, moderating from its three-decade high of 7.9 per cent in the September quarter of 2022 to 3.4 per cent in March quarter 2024.

The government will use borrowings to deliver world-class services and enabling infrastructure, increasing the General Government Sector net debt to a manageable $27.407 billion in 2024-25. This will rise to $59.831 billion in 2027-28.

Total Non-Financial Public Sector borrowings, including that of government-owned corporations will rise from $108.569 billion in 2023-24 to $171.987 billion in 2027-28 to pay for infrastructure for a growing state.

As stated by Premier Steven Miles:

“This is a budget that I am proud of, and that delivers for Queensland.

“It ensures our world-renowned Queensland lifestyle endures for the long term, with record investments in health, infrastructure, housing, community safety and renewable energy.

“My government’s economic management is allowing us to help Queenslanders in need, but also invest in our growth state.

“It’s about delivering what matters now, and setting Queensland up for a bright future full of opportunity.”

As stated by Deputy Premier and Treasurer Cameron Dick:

“Achieving three consecutive budget surpluses demonstrates how we’re getting the balance right between immediate cost-of-living support and long-term priorities.

“Despite global and national challenges, in Queensland we are getting it right.

“We have the strongest jobs growth in our state’s history, we export more goods than from New South Wales and Victoria combined and Queenslanders pay lower taxes and share lower debt.

“We are achieving all of this while maintaining strong growth across our economy.

“We delivered on our mission to gain a fair share of the proceeds of our coal resources. The benefits are now being played out, with benefits for all Queenslanders.

“The Budget is about priorities, and we are prioritising our communities with high-quality services and infrastructure right across the state.”

/Public Release. View in full here.