How the government will make more money off you after State Budget
David Janetzki has revealed Queensland’s budget will remain in the red for years to come as the government plugs a multi-billion dollar black hole. Here’s how it will claw it back.
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Billions have been ripped from Queensland’s coffers after a multi-billion dollar cut in GST revenue and a dip in coal royalties.
Treasurer David Janetzki has cried poor amid the revenue reduction and pointed the blame at the federal government — even though the complicated formula behind the GST carve up factors in state revenue.
And budget forecasts show the state’s revenue take is expected to bounce back quickly amid increasing traffic fines, vehicle registration and pokie machine revenue.
The budget deficit will reach a “significant” $8.6bn in the 2025-26 financial year – on par with what had been forecast at the height of the Covid-19 pandemic.
Cost blowouts and unfunded programs under the former Labor government coupled with the billions of dollars in lost GST and lower coal royalty revenue is to blame for the challenging position facing the state, Mr Janetzki said.
Despite this, Tuesday’s budget revealed the state government has invested more in speed and traffic cameras to ping drivers which is expected to draw in close to $1bn by 2026-27.
The government’s Camera Detected Offence Program has increased to $347.3m over five years, building on the former Labor Government’s $78.9m investment over four years.
Major fines including speeding, red light, mobile phone and seatbelt camera, as well as tolling offences are expected to rake in $959m in the next financial year in government revenue.
The government is on track to bring in $850m in fines this coming financial year.
Vehicle registration is also expected to make the government $2.6bn in a year, thanks to higher rego costs, will boost revenue by more than $100m compared to the 2025-26 financial year.
Gambling taxes are also set to contribute to a revenue rebound within the next financial year with gaming machine taxes projected to climb to $1.2bn in 2026-27, lottery taxes will hit $430m, betting $319m and casino tax $121m.
Total gambling tax and levy collections are expected to total $2.3bn in the 2026-27 financial year.
Originally published as How the government will make more money off you after State Budget
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