QLD State Budget 2023/24 - Key Highlights

On Tuesday, 13 June, the Palaszczuk Government released their QLD State Budget 2023-24, dedicating initiatives to help continue to support growth across the State’s economy and to support Queenslanders against cost-of-living increases.

Treasurer Cameron Dick handed down the State Budget, announcing a Net Operating Surplus of more than $12 billion of 2022-23 – highlighting Queensland’s economic strength and focus on the State’s debt reduction.

The Budget outlined the Palaszczuk Government’s investment in areas to reduce increased cost-of-living expenses, deliver improvements to health, housing and community safety, and build new investment infrastructure.

As part of our QLD State Budget 2023-24 Insights, we have highlighted the main discussion points below:

Key Forecasts

• Budget surplusof over $12 billion for 2022/23
• Economic growth set to rise by 3% in 2023/24
• Unemployment Rate of just over 4% in 2023-24

Health sector

• Up to $70,000 for medical practitioners and $20,000 for health care works to relocate to Queensland
• $2.9 billion boost to improve health services across mental health support, women’s health care, and access to specialist clinics
• Opening of all 7 Satellite Hospitals in 2023–24 to provide non-urgent health care services in the community
• $586.1 million towards a new 10-year agreement with LifeFlight Australia to deliver emergency helicopter services

Cost of Living

• $550 cost of living rebate on electricity bills to all Queensland households
• $700 cost of living rebate on electricity bills for vulnerable households
• $650 rebate on electricity bills for around 205,000 eligible small businesses
• A commitment of $645 million over 4 years for 15 hours per week of free kindy for all 4-year-olds

Business

• Regional Payroll Tax Discount - extension of one per cent discount on the payroll tax rate for eligible regional employers until 30 June 2030
• 50% Payroll Tax Rebate for Apprentices & Trainees - extension of the 50% payroll tax rebate on the exempt wages of apprentices and trainees until 30 June 2024

Housing

• $1.1 billion in increased funding to drive social housing delivery and supply
• Over $250 million for housing and homeless support services
• Build-to-rent tax concessions for eligible developments providing affordable dwellings at discounted rents
• Doubling the Housing Investment Fund to $2 billion, to support commencement of 5,600 social and affordable homes by 30 June 2027.

Infrastructure

• $6.9 billion in 2023/24 towards integrated, safe and efficient transport infrastructure across the State
• Provision for $1.9 billion over four years to commence delivery of venues infrastructure for the Brisbane 2032 Olympic and Paralympic Games

Energy

• Continued commitment to the Queensland Energy and Jobs Plan – supporting investments across infrastructure to achieve renewable energy targets
• $983 million to deliver the Fitzroy to Gladstone water pipeline project
• $300 million for CS Energy to pursue investments in new wind projects and energy firming options to support future industrial decarbonisation in Central Queensland

For More Information

For more information on how the Queensland State Budget 2023-24 will impact you or your organisation, please contact the Archer Gowland Redshaw office on (07) 3002 2699.