Today the Queensland (QLD) Treasurer, the Hon. Andrew Fraser MP, delivered the State’s 2010-11 Budget.
The Budget shows the QLD economy is recovering since the Global Financial Crisis.
Growth, while still below normal, is now forecast at 3 per cent in 2009-10 (up 2 per cent since MYEFO), 3.75 per cent in 2010-11 and 4.5 per cent in 2011-12.
The forecast deficit for 2009-10 has been revised down to $287 million (1 per cent of Gross State Product). The deficit will peak in 2010-11 at $1.745 billion before returning to surplus in 2015-16, a year earlier than previously forecast.
The unemployment rate is expected to decline over the forward estimates, from 5.75 per cent in 2009-10, to 5.5 per cent in 2010-11, and down to 5 per cent in 2012-13 and 2013-14.
Key Spending Announcements
Capital works: $17.1 billion
Transport: $7.3 billion
· $219 million for the Gold coast Rapid Transit System light rail project.
· $155.6 million for the Springfield rail line.
· $288 million for the upgrade of the Bruce Highway between Cooroy and Curra.
· $446.4 million to upgrade infrastructure and rolling stock on the Citytrain network.
· $197 million to continue construction on the Northern Busway between Enoggera Creek and Kedron.
· $48.5 million to progress the widening of the Douglas Arterial on the Bruce Highway.
· $33.3 million through the Innovation Building Fund for key research infrastructure.
· $6.5 million through the Smart Futures Fund for university research organisations.
· $7.5 million to support economic development projects through the Queensland Regional Development initiative.
· $1.381 billion infrastructure investment in early years, school, tertiary and vocational education including $703 million for infrastructure in more than 1,200 State primary, secondary and special schools.
· $18 million exploration program to develop major new resource provinces.
· Streamlining mining and petroleum tenure approval and regulatory processes.
· working with LNG proponents to individually case manage major projects.
Education & Training
· Open five schools and 40 new kindergarten services.
· $25.8 million to boost literacy and numeracy.
· $19.5 million for science teaching through the Science Spark program.
· $35.4 million to establish purpose-built early childhood facilties in Cairns, Beaudesert and Acacia Ridge.
· $207 million to complete the State Schools of Tomorrow program.
· $500 million for vocational education and training e.g. apprenticeships and traineeships.
· $133.3 million for training infrastructure to improve and develop trade training facilities in Mackay, Cairns and South Brisbane, and refurbish the Bundamba and Nambour TAFE campuses.
· New Queensland Skills Commission to drive reforms and tackle skills shortages.
Health: $10 billion
· Record $1.6 billion building program for new hospitals and redevelopments.
· $194 million for new regional cancer treatment services.
· $31 million boost to medical research through the Queensland Institute of Medical Research.
· $137.7 million including funding through the National Health and Hospital Network package for clinical services in Nambour General Hospital and Caloundra Hospital emergency department in advance of the Sunshine coast University Hospital.
· $16.5 million for cochlear hearing implants funding for children.
· $741.9 million to tackle key pressure points in Queensland’s health system.
· $179.3 million to construct and upgrade cancer centres and an additional $194.5 million to operate these facilities.
· An additional 720 nurses, 180 doctors and 300 allied health professionals.
· $56 million over five years for national parks.
· Implement the QLD waste reform agenda including a new industry levy to fund waste programs and promote recycling.
· $115 million for solar power projects, including $5.8 million for solar power in kindergartens.
· 203 new police, 316 new teachers and teacher aides, 75 ambulance officers.
· Five new schools and bring forward of 40 new kindergarten services.
· 6 new ambulance stations and 3 new fire stations.
· $4,000 Regional First Home Owner Boost to support house construction outside South East Queensland.
· Springfield rail line to be fast-tracked and delivered two years earlier.
· 125% payroll tax rebate for apprentices and trainees extended.
· $24 cut to CTP insurance on car registration.
· $12.6 million increase for electricity rebates for seniors.
· Land tax exemption for supported accommodation providers.
The Budget Papers and associated announcements can be viewed at http://www.budget.qld.gov.au.