Over the past 24 hours, the Palaszczuk Government released their QLD State Budget 2022-23, dedicated to creating more jobs across industries, delivering better services, and protecting the Queensland lifestyle.
Treasurer Cameron Dick handed down the State Budget, announcing a Net Operating Surplus of $1.9 billion for 2021/22, returning Queensland to being "back in the black" and highlighting the State's domestic economic growth and job recovery following the major effects of the global health pandemic, flood crisis and the impacts from the current conflict in Ukraine.
The Budget outlined the Palaszczuk Government's investment in core areas, including Health, Mining, and Energy, providing further employment and investment opportunities for Queenslanders.
Whilst some Government spending and measures will not be enacted for some time, the Budget aims to support Queenslanders to combat the rising cost-of-living, whilst driving the State's economic growth forward.
As part of our QLD State Budget 2022-23 Insights, we have highlighted the main discussion points below:
- Budget deficit of just over $1 billion in 2022/23
- Economic Growth to rise by 3% in 2022/23
- Unemployment Rate of just over 4% in 2022/23
- Inflation to be 3.75% in 2022/23
- $9.78 billion capital boost to build and expand hospitals, resulting in about 2,200 extra hospital beds over six-years
- Capital spend includes three new hospitals and a $750m Cancer Centre
- $1.6 billion for Mental Health over five years to support a new five-year plan
- $334 million in funding for the Royal Flying Doctor Service over the next 10 years
Cost of Living
- $14.60 wiped from monthly Household Electricity bills, which will rise by $13.75 in the South-East and $9.90 in Regional areas - until 2023/24
- $6.8 billion targeted at subsidies for Health, Transport, and Education for eligible Queenslanders, an increase of about 10%
- $29.8 million over four years to address youth homelessness
- $13.3 million to give public high school students access to free period products for 12 months via school vending machines
- $262.8 million over four years to build five new schools to open in 2025/26
- A new levy targeting big business with national payrolls of more than $10 million to fund mental health, predicted to yield $1.64bn over five years
- Payroll tax relief will be provided for small and medium businesses, by increasing the payroll tax deductions available to employers, or group of employers, with annual Australian taxable wages of between $1.3m and $10.4m. These changes are proposed to apply to payroll tax liabilities arising on or after 1 January 2023.
- A one-year extension to the 50% Payroll Tax Rebate on exempt Apprentice & Trainee Wages. The rebate, which was set to end on 30 June 2022, will now be available until 30 June 2023.
- Coal royalties to increase to keep pace with the rising global prices. Progressive rates increasing to a ceiling of 40% for coal sold at more than $300 a tonne
- $35 million for a feasibility study on a 5-7 gigawatt pumped hydropower project
- $13 million to finalise studies on the proposed 1.0GW Borumba pumped hydro project
- $40 million for protecting koala habitat and boosting their populations in the southeast
- $14.7 million for a program to assess, protect and recover threatened species
- $924 million towards the $1.22 billion Gold Coast Light Rail Stage 3, Broadbeach South to Burleigh Heads
- $876 million towards the $2.6 billion Logan and Gold Coast Faster Rail (Kuraby to Beenleigh) upgrade
- $489 million towards the $550.8 million Beerburrum to Nambour Rail Upgrade
- $789 million towards new rail rolling stock, platform screen doors, European Train Control System fitment and Automatic Train Operations
- $200 million fund with interest earnings to be used for roads, sewerage systems in the southeast to spur housing development
- $4 million to support the development of Indigenous tourism operators
- $10 million for Indigenous reef monitoring program
For More Information
For more information on how the Queensland State Budget 2022-23 will impact you or your organisation, please contact the Archer Gowland Redshaw office on (07) 3002 2699.