Analysis: Qld’s financial white knight has faltered, he can’t afford to crumble

David Janetzki moved between rage and sadness as he outlined how Labor tapped the credit card and made unfunded announcements to blow the budget. But it’s not entirely their fault, writes Hayden Johnson.

Queensland Treasurer David Janetzki. Picture: Supplied

Treasurer David Janetzki hopes by riding in as a financial white knight Queenslanders will forgive him for breaking a key election promise.

Debt will be lower under the LNP at $171bn, Mr Janetzki crowed during the election campaign.

Now, after spending three months browsing the books and repeatedly falling from his chair in disgust, the treasurer insists $217bn is the new debt ceiling to beat.

This budget update is the first real look, he says, at the sneaky accounting trickery of Labor over almost a decade.

In releasing the budget update Mr Janetzki swung between rage and sadness as he outlined how the previous government tapped the credit card and made unfunded announcements.

Mr Janetzki swung between rage and sadness. Picture: Supplied

Like Cameron Dick’s June budget, Mr Janetzki’s update was dripping with politics.

On a day the public sector was warned to defer high-energy tasks like printing to save power, Treasury officials gleefully dispatched to journalists papers criticising this financial statement as “Labor’s last budget”.

Mr Janetzki is right, the books are in a bad way.

But Shadow Treasurer Shannon Fentiman is probably right too, the government has juiced the books to paint a dire picture.

While Thursday was a day for politics, Friday begins the treasurer’s responsibility of repairing this mess.

Queensland Treasurer David Janetzki and Finance Minister Ros Bates have a big job ahead. Picture: Supplied

Only time will tell if he will fulfil the rest of the LNP’s election commitments.

Making campaign promises to then say they can’t be delivered because the books are so bad is a well-worn political path.

Bob Hawke used it to declare he couldn’t immediately deliver the sweeping Labor reforms Australians were promised.

But Mr Janetzki maintains there will be no cuts, no new or increased taxes, lower debt and lower borrowings – a sauce economists say is pure fantasy.

As politicians focus on one-upmanship it’s Queenslanders who suffer.

There’s no cost of living relief or plan for new infrastructure projects needed to build this growing state.

That’s before we scratch the surface of the increased cost of delivering world-class venues for the Olympic and Paralympic Games.