State Treasurer Cameron Dick delivered the Queensland Government’s budget for the 2023-24 financial year.
The ‘bill-buster budget’ aims to alleviate the cost-of-living pressures in the state while delivering on a series of infrastructure, energy and healthcare commitments.
The Government’s ninth consecutive budget comes during one of the most challenging economic climates the state – as well as the nation – has faced. Like the Federal budget, this year’s state budget is going to have to remain resilient in the face of global economic uncertainty, supply chain vulnerability and geopolitical instability.
Acknowledging this, the Treasurer forecasts:
- Economic growth of 3%, after 2% growth in 2022-23
- A deficit is expected in 2023–24, largely attributable to the government’s $1.6 billion cost-of-living package, before a return to surplus across 2024–25 to 2026–27.
- An unemployment rate of 4.25%, which is a 0.5% increase on the 3.75% mean rate in 2022-23
- Employment growth to reduce from 3.25% in 2022-23 to 1% next financial year
