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Queensland Budget 2018-19: Digging deep for long-term growth
Queensland Budget 2018-19
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:
- $4.9 billion investment in roads and transport infrastructure
- $733 million for Cross River Rail delivery
- $534.3 million for the Toowoomba Second Range Crossing
- $985.5 million investment in health spending
- $674.3 million investment in education spending.
Further, in the spirit of the jobs economy, the Queensland Government has committed to extending:
- the 50 percent payroll tax rebate for wages paid to apprentices and trainees until 30 June 2019, which can be used as an offset against payroll tax payable on the wages of other employees and
- the regional Back to Work Scheme, with applications open until 30 June 2020.
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:
- Point of Consumption Betting Tax - 15 percent point of consumption tax on betting operators from 1 October 2018
- Land Tax increase - 0.5 percent increase to the land tax rate above $10 million
- Additional Foreign Acquirer Duty - increase from 3 percent to 7 percent
- Premium Motor Vehicle Duty - increase to the amount of vehicle registration duty payable on vehicles valued above $100,000 by $2 per $100 of dutiable value
- Waste Disposal Levy - $70 per tonne from the first quarter of 2019, as part of a comprehensive waste management strategy.
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