2022-23 Queensland Budget Update 

Yesterday, on the 7th of December 2022, Queensland’s Treasurer and Minister for Trade and Investment Cameron Dick released the State’s 2022-23 Budget Update. 

Economic Outlook

• Net debt is expected to be $5.238 billion lower than was forecast in the 2022-23 Budget

• Queensland is forecast to record solid economic growth of 2½ per cent in 2022-23 and 2023-24, down slightly from the 2.75 per cent forecast in June 2022
• Year-average employment growth is forecast to remain strong at 2¾ per cent in 2022‑23, before easing to 1.5 per cent in 2023-24
• The budget position within the General Government Sector is a record surplus of $5.18 billion in 2022-23
• Total Revenue has been revised upwards by $7.341 billion for 2022-23 and $2.742 billion in 2023-24
• Coal and Petroleum Royalty revenue has been revised up by $5.820 billion in 2022-23, driven by coal and oil prices, with a weaker Australian dollar.
• New coal royalty tiers are expected to raise revenue of $2.954 billion for Queenslanders in 2022-23.

Budget Update Commitments  

The Budget Update incorporates investments across the state, including:

• $3 billion long–term asset held by the Consolidated Fund, dedicated to future infrastructure in regional Queensland.
• $1 billion equity injection into Government Owned Corporations to support regional infrastructure projects.
• $200 million for the Regional Economic Futures as part of the Queensland Energy and Jobs Plan
• $150 million to support critical minerals development via Common User Infrastructure projects.
•  $150 million to support workers in Queensland’s publicly owned coal fire station with access to reskilling, transferring to new opportunities and advice on future career pathways
• $100 million for a new Queensland Critical Minerals Investment Fund $120 million in additional funding for the Resources Community Infrastructure Fund
• $1.8 million will be allocated to support $3.6 million in total State funding for the Phillips Street Bridge replacement project.

The 2022-23 Queensland Budget Update can be found here

Hawker Britton’s Occasional Paper on the 22-23 Queensland Budget can be found here

For more information, please contact Hawker Britton’s Queensland Director Emma Ramage at [email protected] or on +61 430 811 929.