Michelle Bennett, Sam Mohammad and Julia Brosnan discuss highlights of the Queensland Budget 2018-19.
On 12 June 2018, the Queensland Treasurer, Jackie Trad, delivered the 2018-19 Queensland State Budget. The Government is expecting a $1.512 billion surplus for the 2017-18 fiscal year and an economic growth forecast of 3 percent by 2018-19, but will be digging deep to deliver on promises with government debt set to hit $83 billion in four years’ time.
The Queensland Government has described this Budget as a budget for creating jobs and delivering infrastructure for the fastest growing population in Australia. In particular, the Queensland Government is focusing on roads, health and education, with a $45.8 billion capital works program set to be delivered over the next four years.
Of the $11.6 billion of the capital works program to be rolled out over the coming fiscal year, the notable projects are:
Further, in the spirit of the jobs economy, the Queensland Government has committed to extending:
However, individuals will feel the pinch with the first home owner’s grant returning to $15,000 from the current $20,000 at the end of the 2018-19 fiscal year after a number of extensions.
From a State taxes perspective, there were no surprises as the revenue measures mentioned below had all been announced well prior to the Budget: