State Budget: Five-minute guide
Want to know what today’s State Budget means for you and things like infrastructure, education, jobs and the cost of living? Here’s our five-minute guide.
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There were a lot of numbers thrown around in today’s State Budget. Want to know what it all means? Here’s our five-minute guide.
State of the Budget
• A Budget deficit of $8.633 billion is expected for 2020-21, which is projected to go down to $1.389 billion by 2023-24.
• There was a $5.734 billion deficit in 2019-20, about $164 million better than expected in the COVID-19 fiscal and economic review.
• $84.96 billion worth of total debt in 2019-20, climbing to $102.22 billion in 2020-21 and $129.7 billion by 2023-24.
• Revenue estimated to be $56.24 billion in 2020-21 – down from $59.82 billion in 2018-19. Revenue has taken a hit amid the COVID-19 pandemic, with royalties estimated to fall by 45.2 per cent in 2020-21.
• The unemployment rate is forecast to be 7.5 per cent for 2020-21, before reducing to 7 per cent in 2021-22.
• Economic growth is expected to lift to 0.25 per cent in 2020-21 (from -0.4 per cent in 2019-20) before increasing to 3.5 per cent in 2021-22.
• $64.88 billion worth of expenses in 2020-21, up from $58.84 billion in 2018-19 and $63.49 billion in 2019-20. The government is spending significantly more in response to the pandemic.
Infrastructure
• $14.8 billion capital program for 2020-21, with 58 per cent to be spent outside of Greater Brisbane.
• $1.51 billion will be spent on construction of Cross River Rail in 2020-21.
• $12.88 million to be spent on the $1.53 billion Coomera Connector project in 2020-21.
Health
• A record $21.8 billion spent on health in 2020-21.
• $265 million to begin delivery of seven new satellite hospitals in Redlands, Brisbane’s southside, Pine Rivers, the Gold Coast, Ipswich, Caboolture and Bribie Island. $1.6 million to be spent in 2020-21.
• Commence the hiring of 5,800 nurses, 1,500 doctors, and 1,700 allied health professionals through to 2024.
• $55.8 million in 2020-21 to improve existing or build new ambulance stations and operations centres.
• $1.62 billion for health infrastructure projects in 2020-21.
Jobs
• 46,000 jobs to be supported by capital spend, including 28,700 outside of Greater Brisbane.
• $74 million to “fast-track tourism recovery” and restore jobs, including $15 million marketing blitz.
• $140 million for a “Big Plans for Small Business Strategy”.
Education
• $394 million for new classrooms and administration buildings over the next four years.
• $235 million for new or upgraded school halls over the next four years.
• $45 million to build and upgrade training facilities at schools.
• Commence the hiring of 6,190 new teachers and 1,139 teacher aides.
• $14.2 billion spend on education in 2020-21.
Police, emergency and corrective services
• Begin the hiring of 2,025 extra police personnel by 2025.
• $360.5 million in 2020-21 to continue the government’s COVID-19 response plan, with the funding to be available to Queensland Health, Police Service and Fire and Emergencies Service.
• More than $100 million spent in 2020-21 on construction of Southern Queensland Correctional Precinct Project Stage 2.
• $45.8 million in 2020-21 to go towards the expansion of the Capricornia Correctional Centre.
• Begin the delivery of 375 extra firefighters.
Domestic violence prevention and support services
• $34.3 million will go towards women’s shelters, mobile and centre based support services.
• $45.8 million to address and respond to domestic and family violence. This will include counselling services and crisis responses.
Cost of living
• $449.7 million in 2020-21 for energy, rates and water concessions and rebates for seniors and eligible Queenslanders.
• No new or increased taxes, in line with Labor’s election commitment.
Key fiscal aggregates ($ million)
2019-20 (actual)
Revenue: 57,764
Expenses: 63,498
Net operating balance (deficit): -5,734
Borrowing (total debt): 84,960
2020-21
Revenue: 56,249
Expenses: 64,881
Net operating balance (deficit): -8,633
Borrowing (total debt): 102,220
2021-22
Revenue: 60,504
Expenses: 64,806
Net operating balance (deficit): -4,303
Borrowing (total debt): 113,087
2022-23
Revenue: 63,394
Expenses: 65,874
Net operating balance (deficit): -2,480
Borrowing (total debt): 122,668
2023-24
Revenue: 66,326
Expenses: 67,715
Net operating balance (deficit): -1,389
Borrowing (total debt): 129,723
Economic forecasts/projections
2019-20 (actual)
Growth: -0.4 per cent
Unemployment rate: 6.4 per cent
Inflation: 1.2 per cent
2020-21
Growth: 0.25 per cent
Unemployment rate: 7.5 per cent
Inflation: 1.25 per cent
2021-22
Growth: 3.5 per cent
Unemployment rate: 7 per cent
Inflation: 1.5 per cent
2022-23
Growth: 2.75 per cent
Unemployment rate: 6.5 per cent
Inflation: 1.75 per cent
2023-24
Growth: 2.75 per cent
Unemployment rate: 6.5 per cent
Inflation: 2 per cent
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