Palaszczuk Government delivers responsible budget savings

Published Thursday, 12 December, 2019 at 03:30 PM

Deputy Premier, Treasurer and Minister for Aboriginal and Torres Strait Islander Partnerships
The Honourable Jackie Trad

The Palaszczuk Government’s responsible economic management has delivered identified over $700 million in savings for this financial year.

Deputy Premier and Treasurer Jackie Trad said the savings were proof of the government’s commitment to budget sustainability, while maintaining high quality service delivery.

“When this year’s Budget was delivered in June, we announced a reprioritisation target of $200 million for 2019-20.

“I’m pleased to say that in just six months we’ve exceeded that target by over 250%, with the Service Priority Delivery Office realising savings of $715 million so far this financial year.

“We’ve also made significant headway towards our reprioritisation targets across the rest of the forward estimates, with total project savings of $1.365 billion identified to date, through reducing operating expenses and recovering overpayments.

Savings to date have been realised by: 

  • Recouping accruals and overpayments of Commonwealth taxes;
  • Improving the efficiency of cash management to reduce borrowing costs; and
  • Implementing a maximum daily rate on external consultancies

Further savings are expected to be realised as the work of the Office continues.

“Importantly we’re achieving savings without the savage cuts of the LNP who sacked 14,000 public servants when Deb Frecklington was Campbell Newman’s Assistant Treasurer,” Ms Trad said.

“We face a climate of global economic turbulence, with stagnant wages and sluggish growth across Australia and a reduction of $2.5 billion in Queensland’s share of GST revenue from the Federal Government.”

“Despite considerable economic headwinds, the Palaszczuk Government has delivered five consecutive operating surpluses.

“MYFER forecasts that the Government will deliver $2.1 billion in surpluses over the forward estimates.

“The responsible economic management of the Palaszczuk Government stands in stark contrast to the LNP’s record that Deb Frecklington says she is proud of – a $4.6 billion deficit in their first budget and the sacking of 14,000 Queenslanders, including frontline health and education workers.”

Media Contact: Geoff Breusch 0417 272 875