This Budget focuses on growth, business and jobs and aims to keep Queensland on the road to recovery from the COVID-19 pandemic. While other states and countries have borne the brunt of significant, long-lasting economic ramifications of COVID-19, Queensland is set for growth this financial year.
Overall Queensland is expected to receive $56.24 billion in revenue and will spend $64.88 billion in expenses. Of these expenses, 31.1% is for health, 24% for education, 10.8% for transport, 9.8% for social protection, housing and community services , 9.2% for public order and safety, 3.8% economic affairs, 2.5% for environmental protection, recreation and culture and 8.8% is for other services. This leaves Queensland with a deficit of $8.6 billion.
Unemployment reached its peak last financial year during the height of COVID-19 in Queensland which was 8%. Within 4 years however unemployment is projected to fall to 6.25%. This is because the Palaszczuk Government is investing in infrastructure with a projected total infrastructure spend over the next four years of $56 billion – with 58% being spent outside greater Brisbane. This a major future building program which will support approximately 46,000 Queensland jobs over the next twelve months alone.
The Queensland Government has committed $17.5 billion to education and will commence the hiring of 6,190 teachers and 139 new teacher aids state-wide over next 4 years. As well as this, $21 million has been committed to ensure under 25s have access to free TAFE across Queensland.
The Government has also committed $21.8 billion to health in Queensland and will commence the hiring of 5800 nurses, 1500 doctors and 1700 Allied Health professions state-wide
Small Business Support
The Government will be providing support to 97% of all Queensland businesses including 1 billion in interest-free job concessional support loans. Moreover, $500 million has been committed for the Backing Queensland Business Investment Fund. This will help small businesses in Queensland recover from COVID-19 and prosper.
The Queensland Government has committed $6.3 billion to concessions for Queenslanders. This will help reduce the cost of living and support all Queenslanders during these trying times.
$500 million has been committed in 2020/2021 to support the renewable energy sector in Queensland. Moreover, $250 million has been allocated to begin construction on a 102.6 megawatt windfarm. This will not only help in our transition to renewable energy sources, but it will also create more jobs for Queenslanders.
This Budget also includes $1 billion to build trains in Queensland, $526.2 million to renovate and upgrade public housing and $1.5 million to promote further inclusion, harmony and unity across a record 211 multicultural events across the sunshine state