Queensland slowly climbs out of the red thanks to royalty, stamp duty windfalls
Queensland Treasurer Cameron Dick has foreshadowed a budget deficit of under $1.7 billion in 2022/23 on the back of increased stamp duty, taxes and fossil fuel royalty revenue.
Dick forecast a deficit of $2.4 billion in 2022/23 in his mid-year budget update in December, but he says itâs likely to be smaller than that in his June 21 budget.
He said Queenslandâs Covid-19 policies had helped the state economy rebound quicker than others and would ensure the next budget deficit was only one tenth of the Victorian governmentâs $17 billion deficit.
âSo weâre seeing how all of that revenue lines come back with the stamp duty, royalties, state taxation, because we kept our people safe, we kept our economy open as far as we could,â Dick told reporters on Friday.
âWe didnât suffer from those crushing lockdowns that NSW and Victoria in particular had to live through, in the southeast we had about 21 days total lockdown during those two years.
âBut our revenue lines are coming back and thatâs because of the great work of Queenslanders, they fought hard against COVID-19.
âWe kept our economy open, we kept businesses going, and weâre now getting that dividend and weâre giving that dividend back to Queenslanders.â
However, he stressed the state was set for two more budget deficits before an expected return to surplus in 2024/25.
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The treasurer announced budget funding for the construction of a $72 million regional aero-medical hub at Brisbane Airport on Friday along with $334 million in funding for the Royal Flying Doctor Service over the next 10 years.
The new aero-medical facility will be used by the Royal Flying Doctor Service, LifeFlight and Queensland Healthâs retrieval services, Dick said.
âThis facility will help ensure that Queenslanders wherever they live including sick kids, are able to get to the healthcare that they need particularly in an emergency medical situation,â the treasurer said.
âOur governmentâs announcement will give the RFDS the clarity and the certainty they need to make the centre happen and to allow them to continue to deliver the important aeromedical services they deliver for Queensland.â
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