Qld Budget: Five minute guide reveals what it means
With Queensland ‘roaring back’ from Covid-19, Treasurer Cameron Dick has handed down his second State Budget. Here are the highlights and key numbers.
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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 $3.485 billion is expected for 2021-22 and the Treasurer is projecting a return to surplus ($153 million) in 2024-25.
• An estimated $3.8 billion deficit this financial year is lower than the $8.63 billion projected in December.
• $105.9 billion worth of total debt in 2021-22, climbing to $115.7 billion in 2022-23 and $127 billion by 2024-25.
• Revenue estimated to be $63.66 billion in 2021-22 – up from $60.39 billion in 2020-21. Revenue has recovered faster than expected after taking a hit amid the COVID-19 pandemic.
• Coal royalties are expected to total $1.74 billion in 2020–21, 50.4 per cent lower than in 2019–20. Ongoing trade tensions with China means coal royalties are expected to grow slowly, reaching $2.94 billion by 2024-25.
• The unemployment rate is forecast to be 5.75 per cent for 2021-22, before reducing to 5.5 per cent in 2022-23.
• Economic growth will reach 3.25 per cent this financial year (from -0.7 per cent in 2019-20) and hit 2.75 per cent each year until 2024-25.
• $67.14 billion worth of expenses in 2021-22, up from $64.19 billion in 2020-21 and $63.49 billion in 2019-20. The government is spending significantly more in response to the pandemic.
Infrastructure
• $14.68 billion capital program for 2021-22, with 61 per cent to be spent outside of Greater Brisbane.
• $1.51 billion will be spent on the construction of Cross River Rail in 2021-22.
• $115 million to be spent on the $1.53 billion Coomera Connector project in 2021-22.
Health
• $22.2 billion will be spent on health in 2021-22, up from $21.8 billion in 2020-21.
• A $2 billion Hospital Building Fund will be established to meet growth pressures across the health system with initial investments in the Toowoomba Day Surgery and health services expanded through Mater Public Hospital Springfield.
• $648.7 million in 2021-22 to continue Queensland’s Covid-19 response, address ramping and surgery waitlists times.
• $105 million will be spent in 2021-22 of a total $265 million to build satellite hospitals in Bribe Island, Caboolture, Pine Rivers, Gold Coast, Ipswich and Redlands.
• $1.35 billion for health infrastructure projects in 2021-22, lower than $1.62 billion this financial year.
Jobs
• 46,500 jobs to be supported by $14.68 billion capital spend, including 29,800 outside of Greater Brisbane.
• $320 million over four years to extend the Skilling Queenslanders for Work program to assist up to 15,000 people facing disadvantage in the labour market each year
• $3.34 billion Queensland Jobs Fund to attract investment and drive economic growth.
Education
• $1.38 billion for the construction or refurbishment of school and early childhood educational facilities.
• 300 new school classrooms across 35 schools will be built at a cost of $541 million.
•$1.4 billion in 2021-22 for new schools to open in 2023-24, including $913.7 million for 10 new state schools in high-growth areas.
•$53.9 million for the installation and replacement of airconditioning in schools.
• Continuing the hiring of 6,190 new teachers and 1,139 teacher aides.
• $18.3 billion spend on education in 2021-22.
Police, emergency and corrective services
• Continue the hiring of 2,382 extra police and fire personnel by 2025.
• $320 million of $654 million spent in 2021-22 to continue construction of the Southern Queensland Correctional Precinct.
• $8 million in 2021-22 to install additional bunk beds in high-security correctional centres to manage the increasing prison population.
• $578 million for prison upgrades, vehicle replacement and station construction across Queensland’s corrective, fire and police services.
Domestic violence prevention and support services
• $30 million to boost domestic, family and sexual violence support services and $20 million to expand housing support services.
Housing
• $1.9 billion over four years to increase the supply of social housing and upgrade the existing stock of dwellings, with 6,395 new homes to be built over the next four years.
• Returns from new $1 billion Housing Investment Fund used to deliver a mix of public, community and subsidised housing.
Cost of living
• $6.1 billion in 2021-22 for energy, water and transport concessions and rebates for seniors, veterans and low-income families.
Environment
• $160 million in annual payments to local governments in 2021–22 to ensure the waste levy will have no direct impact on households.
• $270 million budgeted expenditure over five years to maintain the Queensland Reef Water Quality program at current levels.
• $2 billion for a new Queensland Renewable Energy and Hydrogen Jobs Fund, which will enable public-owned energy generators to invest in commercial renewable and hydrogen power projects.
Key fiscal aggregates ($ million)
2020-21 (estimated actual)
Revenue: 60,396
Expenses: 64,199
Net operating balance (deficit): -3,803
Borrowing (total debt): 95,554
2021-22
Revenue: 63,664
Expenses: 67,148
Net operating balance (deficit): -3,485
Borrowing (total debt): 105,905
2022-23
Revenue: 65,711
Expenses: 68,151
Net operating balance (deficit): -2,440
Borrowing (total debt): 115,735
2023-24
Revenue: 68,480
Expenses: 69,376
Net operating balance (deficit): -968
Borrowing (total debt): 122,361
2024-25
Revenue: 70,367
Expenses: 70,214
Net operating balance (surplus): 153
Borrowing (total debt): 127,055
Economic forecasts/projections
2020-21 (estimated actual)
Growth: 3.25 per cent
Unemployment rate: 6.25 per cent
Inflation: 2 per cent
2021-22
Growth: 2.75 per cent
Unemployment rate: 5.75 per cent
Inflation: 1.75 per cent
2022-23
Growth: 2.75 per cent
Unemployment rate: 5.5 per cent
Inflation: 1.75 per cent
2023-24
Growth: 2.75 per cent
Unemployment rate: 5.25 per cent
Inflation: 2 per cent
2024-25
Growth: 2.75 per cent
Unemployment rate: 5 per cent
Inflation: 2.25 per cent
Originally published as Qld Budget: Five minute guide reveals what it means
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