Queensland’s Treasury has warned the new Crisafulli government that it faces surging debt levels, threats of a credit rating downgrade and an interest burden on track to exceed critical thresholds.

An internal briefing prepared for Liberal-National Treasurer David Janetzki after last month’s election, and seen by The Australian Financial Review, says Queensland’s “unprecedented” levels of capital spending mean it will be difficult to keep the 2024-25 budget forward estimates at sustainable levels.