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Category: Government and Politics / Budget / Mining Industry / Industry / Business, Economics and Finance / State Parliament

Coal and GST boost Queensland surplus

Tuesday, 13 Dec 2016 09:53:56 | Chris O'Brien

Mr Pitt handed down a positive mid-year budget update in Brisbane. (AAP: Dan Peled)

Higher income from coal royalties and GST revenue have combined to boost Queensland's budget bottom line by more than a billion dollars this financial year.

The Mid-year Fiscal and Economic Review released by Treasurer Curtis Pitt forecasts an operating surplus in 2016-17 of $2 billion, up from the $867 million surplus predicted in the budget in June.

Coal royalties which were expected to reach $1.5 billion are now forecast to contribute almost $3 billion this year.

Federal government grants are now expected to be $28.1 billion, more than $1 billion higher than forecast in June.

Expenses this year will be $345 million higher than the budget forecast, with Mr Pitt promising $170 million for jobs and regional growth.

There will also be a $20 million dollar package to boost manufacturing.

Government debt for 2016-17 is now predicted to reach $36 billion, which is $1.7 billion less than the budget forecast.

There is no change to the budget forecasts for growth, which is still expected to be at 4 per cent in 2016-17, or unemployment, which is forecast at 6.25 per cent.

Queensland's forecast growth strongest of all states. Infographic: Queensland's forecast growth strongest of all states. (Supplied: Queensland Government)

Budget figures

BudgetUpdate
Surplus15-16: $152 million
16-17: $867 million
17-18: $1.2 billion
$970 million
$2 billion
$1.1 billion
Revenue
16-17: $53.4 billion
17-18: $55.3 billion
$54.9 billion
$55.6 billion
Coal royalties
16-17: $1.531 billion
17-18: $1.619 billion
18-19: $1.842 billion
19-20: $2.062 billion
$3 billion
$2 billion
$2.1 billion
$2.1 billion
Tax revenue
16-17: $13.2 billion
17-18: $13.8 billion
$13 billion
$13.5 billion
Federal grants
16-17: $27.1 billion
17-18: $28.1 billion
$28.2 billion
$28.1 billion
Government debt
16-17: $37.8 billion
17-18: $38 billion
$36 billion
$37.4 billion

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