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

Queensland Treasurer forecasts largest budget surplus in a decade

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 nearly $1.2 billion this financial year.

The Mid-year Fiscal and Economic Review released by Treasurer Curtis Pitt forecasts an operating surplus in 2016-17 of $2.03 billion, the largest net operating surplus since 2005-06.

That projected surplus is up from the $867 million 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.

Amid the boost to the bottom line, Mr Pitt today added $160 million to employment stimulus packages and another $200 million to local council building projects.

"You'll see the mid-year review shows that we are taking no pause, no breather, no rest or no detour from our commitment to ensuring that we are focused on jobs and job creation in Queensland," Mr Pitt said.

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

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.

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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