Council
22 December, 2023
Budget update reveals improvements
Queensland's economy showed a sturdy 2.3% growth in the 2022-23 fiscal year, exceeding pre-pandemic levels by 9.8%.
Released by the Queensland Government, the 2023-24 Budget Update projects a small net operating deficit of $138 million, showcasing improved fiscal performance.
Key highlights include a General Government Sector net debt estimated to be $1.514 billion lower than projected, and a coal royalty revenue surge to $9.2 billion in 2023-24.
The budget also addresses cost-of-living concerns with measures like freezing public transport fares in 2024 and boosting the First Home Owner Grant to $30,000 until June 2025.
Treasurer Cameron Dick emphasised the state’s optimistic budget outlook, providing funds for a $96.2 billion capital program over the next four years.
Mr Dick added that the budget’s net operating surplus in 2022-23 supports Queensland’s extensive capital program.
Mr Dick hailed Queensland’s robust fiscal management, laying a foundation for a resilient economy that meets current needs and prepares for the future.
The budget’s strength positions Queensland to address current challenges while fostering future economic growth, the Treasurer said.
