Budget snapshot

Internationally Australia is a standout performer; Queensland to remain ahead of the nation

Queensland’s economy is expected to expand by ½% in 2008-09, compared with no growth in the Australian economy.
The State economy is forecast to experience a slightly milder contraction than the national average in 2009-10.
Year-average employment growth is forecast to be 1¼% in 2010-11, compared with ½% over the year to June quarter 2011 for Australia as a whole.
Queensland’s year-average unemployment rate is forecast to peak at 7¼% in 2010-11, compared with a peak in the national rate of 8½% in June quarter 2011.

A deteriorating global and domestic economic environment has significantly impacted Queensland’s finances.
Since the 2008-09 Budget, $15 billion over 4 years has been knocked off the State’s key revenue sources (GST, taxes and royalties).
As a result, Queensland is forecasting a General Government operating deficit in 2009-10 and across the forward estimates.
The Government is committed to returning the Budget to surplus and lowering the State’s debt levels and, consequently, has implemented around $5.4 billion worth (over four years) of measures aimed at improving Queensland’s fiscal position.
The Government has undertaken steps to repair the State’s finances for the longer term, charting a course back to surplus by 2016-17.

The Government’s key objective is to continue to invest in infrastructure to sustain jobs while the current economic circumstances prevail.
The 2009-10 capital program is forecast to be $18.2 billion which is expected to support 127,000 full-time jobs.
In 2009-10 there will be capital outlays of $7.307 billion for transport and main roads, $1.447 billion for housing and homelessness services, $1.837 billion for education and training, $1.296 billion for health, and $1.121 billion for water.

Last reviewed 16 June 2009