A surge in coal royalties has delivered a $12 billion surplus for the Queensland budget this financial year, but a cost of living package and energy measures will drag the budget into deficit next year.
But a $1.5 billion cost of living package combined with increased spending on big clean energy projects to
“We are confident the $1.5 billion in energy relief we are giving back to Queenslanders won’t contribute to inflation,” he said.“When it comes to our expenditure, we have to build the productivity-enhancing infrastructure so we can grow our state.” Higher than forecast coal prices have delivered a staggering $15.3 billion in coal royalties in 2022-23.But the sugar hit is not expected to last, as coal prices fall to traditional levels, with a forecast $17.9 billion estimated to be delivered over the next four years including $5.3 billion in 2023-24, $4 billion in 2024-25, $4.2 billion in 2025-26 and $4.4 billion in 2026-27.
“It is firmly our view that we need to do all that we can to provide as much relief as possible for Queenslanders.” Mr Dick did not shy from the total debt in his budget speech to state parliament on Tuesday, saying Queensland was in better shape because of its state-owned companies which dragged down net debt.
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