Treasurer Cameron Dick promises ‘significant’ cost of living relief in upcoming budget

Queenslanders have been promised “big and small” targeted cost of living relief measures as Treasurer Cameron Dick revealed the upcoming state budget had been the hardest to craft so far.

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Queenslanders have been promised “significant” funds to ease hip pocket pain as Treasurer Cameron Dick revealed the upcoming state budget had been the hardest to craft so far.

To be handed down on Tuesday, the state budget will include “big and small” targeted cost of living relief measures in the form of rebates.

While last year’s budget included a new mental health levy and controversial changes to coal royalties, there won’t be “substantive” changes to revenue measures this time around.

But Mr Dick has also ruled out tax freezes as a way to help ease living costs.

Mr Dick, in a pre-budget interview, said the 2023/24 state budget needed to balance “delivering relief” to Queenslanders without making inflation worse.

“I think of all the budgets I’ve delivered, this is the one that’s kept me up at night the most,” he said.

“It’s not often there is a single issue that really permeates all parts of society and all communities that can be reflected in budget action.”

Treasurer Cameron Dick in his office ahead of the upcoming budget. Picture: Steve Pohlner

Household budgets have come under increasing stress with mortgage repayments rising again after the Reserve Bank of Australia raised the cash rate to 4.1 per cent — the highest in 11 years.

And regional Queenslanders are in line for the highest power price hike in the nation from July, with the Queensland Competition Authority pushing up prices 28.7 per cent to an average $1926 for residential customers.

It comes as New Australian Bureau of Statistics analysis revealed the number of Australians working multiple jobs had increased to its highest level to a whopping 947,000 people.

The “principal focus” set on cost of living, Mr Dick assured Queenslanders could expect investments in housing, health and community safety — with more funding for police officers anticipated.

And the state’s “strong budget position” amid global economic uncertainty means it can be paid for.

The budget will fund a study for the proposed tunnel from Kedron to Carseldine. Source: State Government

Queensland was on track for a $5.2bn budget surplus this financial year amid soaring coal prices as of the government’s update late last year, but it’s likely to be higher.

According to Queensland Resources Council’s latest estimates $13.6bn would be paid out in coal royalties in the 2022/23 financial year, about $8bn more than forecast.

Mr Dick defended the “tough decisions” the government had made around revenue, signalling the takings from coal royalties was “one of the mechanisms that will help us provide cost of living relief”.

And some would go toward paying down debt, which was forecast to hit $14.5bn this financial year and $39.2bn by 2025/26 based on previous forecasts.

Comparatively Victoria’s net debt by 2025/26 will hit $171.4bn.

The upcoming budget will splash cash to ease congestion on Brisbane’s northside. Picture: Steve Pohlner

Mr Dick said there was uncertainty in the global economy but asserted Queensland remained “strong and resilient”.

“I think that puts us in a good place to be able to withstand those strong headwinds,” he said.

The state government has already announced about $15bn of spending in the budget, including $21.96m in allowances to attract nursing and midwifery students to the regions, and $150m for ongoing expansion of the Redland Hospital.

There is also $4.8m give Queensland children aged four and under state-funded swimming lessons.

The bulk of the funding announced so far, worth $14bn, will go toward the Borumba Pumped Hydro project.

Another $35m will be spent on an investment proposal for a potential 7km tolled tunnel from Kedron to Carseldine to ease congestion on Brisbane’s northside.