Premier Steven Miles gives guarantee on tackling state debt

Premier Steven Miles says he has no doubt a re-elected Labor government can rein in the state’s ballooning debt, which is set to top $172bn.

The Courier-Mail reader John, of Sandgate, has asked the leaders how the government can ever pay back the “crazy’’ Queensland debt. Picture: istock

Premier Steven Miles says he has no doubt a re-elected Labor government can rein in the state’s ballooning debt, which is set to top $172bn.

The interest bill on the debt was also tipped to surge in coming years to more than $7bn, with major international credit ratings agency Standard & Poor’s Global recently warning of fiscal pressures ahead.

Labor has been upfront about increasing borrowings to pay for cost of living measures and infrastructure, while the LNP refused to release its campaign costings until after 5pm on Thursday, October 24.

In response to a question from The Courier-Mail reader John of Sandgate, who asked “can we seriously pay back the current crazy Queensland debt?’’, Mr Miles responded: “Of course we can.’’

“We banked two of the biggest surpluses in Queensland history over the last two financial years,’’ he said.

“And our costings that you’ll see later today are comprehensive costings will outline our plan to return to surplus in 2026-27.’’

LNP Leader David Crisafulli responded that “only the LNP will deliver lower debt’’.

“If government doesn’t change, debt will go north of $200bn,’’ he said.

“And if that happens, we will lose our credit rating.

“If that happens, our ability to service our debt will fall in a screaming big hole.

“And if that happens, Queenslanders will pay more for their electricity.’’

He insisted the LNP had a fully costed and fully funded plan.