Record surplus delivering for Queenslanders

• Higher record surplus of $13.93 billion revealed in 2022-23 Report on State Finances
• Final surplus is $1.625 billion higher than forecast in June’s State Budget
• Surplus driven by a strong labour market and high coal prices.

The 2023-23 Report on State Finances shows that, despite economic headwinds, Queensland’s economy continued to grow over the last financial year.

Queensland has delivered a record surplus of $13.93 billion for 2022-23, underpinned by the strong performance of the labour market and the exceptionally high prices received by coal producers in Queensland.

The surplus is $1.625 billion higher than estimated in the 2023-24 Budget, mainly due to the Australian Government making advance payments for disaster relief and social housing.

General Government sector borrowings at the end of 2022-23 were nearly $1 billion lower than the estimate in the 2023-24 Budget release in June this year, representing a reduction in borrowings of more than $12.7 billion compared to the 2022-23 Budget.

The Report on State Finances reveals that net debt at 30 June 2023 was $2.6 billion, which is less than one quarter of Queensland’s net debt the previous year.

Quotes attributable to the Treasurer and Minister for Trade and Investment Cameron Dick:

“The $13.96 billion surplus is the largest surplus ever recorded in Queensland’s history.

“This incredible result is thanks to the hard work of Queenslanders, through a strong labour market and high prices for the coal extracted by Queensland miners.

“We are putting this surplus to work by delivering nation-leading cost-of-living support to Queensland families and businesses, and through our record $89 billion Big Build capital program over the next four years.

“Our strong fiscal position also means General Government sector borrowings at the end of 2022-23 were nearly $1 billion lower than the estimate in the 2023-24 Budget release in June this year.

“Compared to the 2022-23 Budget, this means a full reduction in borrowings of more than $12.7 billion.

“The reduction in net debt is the sharpest net debt decline year-on-year since accrual accounting began in the late 1990s and the third consecutive net debt decline year-on-year.

“Our progressive coal royalty tiers are delivering for Queenslanders right across the state, as they rightfully should, at a time that coal producers are benefiting from extraordinary prices.”

Access the 2022-23 Report on State Finances on the Queensland Treasury website.

Media contact: Geoff Breusch 0417 272 875