Queensland’s 2023-24 Budget Update

• Queensland economy grew 2.3% in 2022-23, forecast to strengthen to 3% in both 2023-24 and 2024-25
• Queensland economy 9.8% larger than the pre-pandemic level in 2018-19
• 2023-24 Budget Update to add to the Queensland’s nation-leading cost of living measurers

The Queensland Government’s 2023-24 Budget Update shows Queensland’s economy has continued to be the envy of other states and territories, with strong growth in population, employment, wages, and exports. 

2023-24 Budget Update highlights include:

• A small net operating deficit of $138 million is forecast for 2023-24, a $2.044 billion improvement on the deficit projected in the 2023-24 Budget
• General Government Sector net debt by 30 June 2024 estimated to be $1.514 billion lower than projected in 2023-24 State Budget
• 2023-24 General Government Sector revenue estimated to be $3.709 billion higher than forecast at time of 2023-24 State Budget
• Coal royalties are expected to provide $9.2 billion in revenue in 2023-24, an increase of $3.8 billion from what was projected in the June Budget
• The uplift from progressive coal royalty tiers is projected to be worth $9.4 billion over the five years to 2026-27
• 2022-23 unemployment rate average of 3.7 per cent was the lowest year-average since 2007-08, and second lowest on record since 1978

The Budget Update continues to address the national cost of living pressures facing all Queenslanders. 

Building on the record $8.224 billion in concessions outlined in the 2023–24 Budget, the 2023-24 Budget Update delivers additional measures to support families and businesses facing cost of living pressures, including:

• Freezing public transport fares in 2024
• Boosting the First Home Owner Grant to $30,000, the equal highest in the nation, until 30 June 2025
• Freezing the registration fee and traffic improvement fee components of motor vehicle registration costs in 2024-25
• Maintaining critical investment for both financial counselling and resilience services, and food relief and emergency relief.

The record 2022–23 net operating surplus, driven largely by unprecedented and temporary high commodity prices and progressive coal royalty tiers, provides Queensland with the funds to support the State’s record capital program over the next four years. 

The 2023-24 Budget Update includes a current capital program of $96.2 billion over the four years to 2026–27, delivering the productivity-enhancing economic and social infrastructure needed to support a growing Queensland.

The main reason for the increase since Budget includes disaster related transport infrastructure repairs, a provision for replacing the existing bus fleet with zero emission buses, acceleration of the Train Manufacturing Program, delivery of the Australian Government funded Housing Acceleration Program and higher capital grants to councils relating to disasters and the Works for Queensland Program.

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

“Queensland’s Budget is the envy of the nation.

“The 2023-24 Budget Update reveals our net operating deficit is $138 million, $2 billion smaller than forecast, our General Government Sector net debt is a fraction of other major states and shrinking, and our General Government Sector revenue is estimated to be $3.7 billion more than forecast.  

“This strong budget position allows us to expand on the services Queenslanders rely on, invest in the future, and increase the cost-of-living relief.

“The budget outlook is also optimistic about the future which strengthens our resolve to address the challenges we face here and now.

“Thanks to robust fiscal management, we’ve laid the foundations for a strong and diversified economy that delivers for Queenslanders today and sets us up for the future.”

To read more about the 2023–24 Budget Update, visit www.budget.qld.gov.au

ENDS

Media contact: Campbell Gellie 0433 987 744