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Category: Government and Politics / Business, Economics and Finance / Alp / Political Parties / Budget

Queensland Treasurer to announce $20m boost for manufacturing

Tuesday, 13 Dec 2016 04:34:44 | Kathy McLeish

Higher-than-forecast coal royalties will double the state's predicted surplus for next financial year. (ABC News: Giulio Saggin)

Queensland Treasurer Curtis Pitt will use his Mid-year Fiscal and Economic Review to outline initiatives to grow tourism and manufacturing jobs, particularly for young people.

Today's update will show an increase in coal royalties has driven a predicted $2 billion surplus for 2016-2017 — an amount more than double the June forecast of $867 million.

Mr Pitt is also expected to announce that $20 million over two years will be put toward a program aimed at protecting traditional manufacturing jobs, through initiatives such as grants ranging from $50,000 to $2.5 million.

"It's important that we don't leave any part of Queensland behind, because right now the economy is in transition, the economy is on the up. We don't want to leave anyone behind in that exercise," he said.

Mr Pitt said manufacturers already employed 169,700 workers in Queensland during in the December quarter of 2015, and contributed $20.3 billion to the Queensland economy in 2015-2016.

The Government has also asked the Queensland Productivity Commission to examine ways to boost the sector, including the potential reshoring of activities that have been or may be at risk of moving offshore.

Pitt spinning the roulette wheel: Nicholls

Mr Pitt rejected Opposition claims that he was gambling with the state's future.

He said the Government could afford to spend an unexpected $1 billion budget bonanza on boosting jobs programs, and to keep its debt reduction plan on track.

But Mr Pitt also warned the spike in revenue was unlikely to last as coal profits declined in the future.

The Opposition said it was a short-sighted financial plan and the money would be better invested in paying down debt.

"It's simply not good enough for Curtis Pitt to keep spinning the roulette wheel and relying on coal royalties turning up black and giving him money," Opposition Leader Tim Nicholls said.

"The last time Labor were in power they did exactly the same thing, expenses grew faster than revenue, they spent more even than they were earning."

Mr Pitt said the mid-year review would include an update of the Government's debt-reduction program.

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