Editor’s view: Why Cameron Dick should be losing sleep

Queensland Treasurer Cameron Dick says this week’s budget is the one that’s kept him up most at night. And so it should, writes the editor.

There’s a lot keeping everyday Queenslanders up at night so it’s only fitting Treasurer Cameron Dick is feeling the pressure ahead of Tuesday’s Budget. Picture: David Clark

Queensland Treasurer Cameron Dick says this week’s budget is the one that’s kept him up most at night. And so it should.

The government is facing multiple crises: Youth crime, health, cost of living and housing.

Moreover, it’s those very same crises that are keeping many Queenslanders up at night.

Whether it’s stressing over how to pay the bills, being able to afford a roof over their head, receiving safe and timely treatment at a public hospital, or even feeling safe at night, there is a lot to keep ordinary Queenslanders from getting a good night’s sleep.

Inflation is soaring, having peaked at 7.1 per cent in December, but remaining higher for longer than hoped.

This has resulted in 12 interest rate rises since May last year, as the Reserve Bank of Australia seeks to keep inflation down.

But in the meantime, getting by has become that much harder for many people.

Mr Dick is right to point out that this will be a difficult budget, as it is also a critical one for the state.

He will have to make meaningful investments as part of a legitimate response to Queensland Health’s troubles, tackle youth crime and housing, as well as trying to ease people’s cost of living.

Doing this without adding to inflation means being careful about how money is being put into the economy, a fact of which he will be painfully aware.

We know there will be some cost-of-living relief for Queenslanders in there.

This will include some help toward power bills, beyond the $500 rebate for pensioners, people with a concession card or receiving family tax benefits A and B the state is co-funding with the federal government.

Mr Dick has indicated there will be some further relief, but it will be targeted and will not include cash handouts.

While the handout approach may be popular with some punters, and may even provide some people a welcome lifeline, it is also the worst approach in a high inflationary environment as it would only force prices up and make life more difficult in the long run.

The Treasurer should be commended for his approach on this front.

But, on addressing the other issues we will have to wait and see.

The Treasurer’s controversial coal tax from last year means he has the funds to do something about them.

There is a strong chance that he will be handing down a surplus this year, joining the iron-ore rich Western Australian and federal Treasurer Jim Chalmers in doing so.

Will he simply pay off some debt, or will he seek to invest in something transformative, that can improve productivity or better the lives of Queenslanders.

There is one more factor that will be weighing heavily on the Treasurer’s mind, as he tosses and turns at night; the election is next year.

And with it, his own political fortunes.