Our economic recovery continues to lead the nation out of the pandemic, according to a report released by Woodridge MP and state treasurer Cameron Dick.

Mr Dick said the update reinforced the economic benefit and jobs growth that came from Queensland’s strong health response.

“As our borders reopen, providing another boost for our tourism and hospitality industries and reuniting families for Christmas, we know Queensland is in a strong position because of our strong health response,” he said.

“Queensland has avoided the long lockdowns that have occurred in other states, and this Budget Update demonstrates the marked improvement in our economic performance since the Budget in June.

“As a state, we are in the best position we can be for the challenges and opportunities ahead.

“On almost every metric, Queensland is either outperforming the national average or we are the best state in our own right.

“Revenues are higher for this year and our deficit and debt are lower than had been forecast in June.”

Budget update highlights, according to Mr Dick, include:

  • Queensland’s economic growth is expected to strengthen further to 3¼ per cent in 2021–22, stronger than the 2¾ per cent growth forecast at Budget.
  • Year-average employment growth is forecast to strengthen to 4½ per cent in 2021–22, well above the 3 per cent forecast at Budget, to be the strongest employment growth in 15 years.
  •   The deficit for 2021–22 is expected to be $1.492 billion, less than half the $3.485 billion forecast at Budget.
  • The budget position is stronger in each subsequent year of the forward estimates is slightly stronger compared to the 2021–22 Budget, with a return to surplus still forecast in in 2024–25.
  • Net debt is expected to be $7.2 billion lower than was forecast at the 2021–22 Budget.
  • Revenue has been revised upwards across from 2022–23 to 2024–25 compared to the 2021–22 Budget, reflecting a stronger outlook for the housing and labour markets.

The Treasurer said the $8 billion increase in revenues was driven in part by a one-off surge in the value of Queensland’s coal exports.

“While this price surge is significant, Queensland Treasury advises it will be temporary,” the Treasurer said.

Leave a Reply

Your email address will not be published.