Budget snapshot

Strong economic growth maintains record low unemployment

Economic growth in Queensland is forecast to strengthen to 4¼% in 2008‑09, set to outstrip the nation for the 13^th year in a row.
With jobs growth again outpacing the nation, the unemployment rate is estimated to fall to a 34-year low of 3¾% in 2007-08 and remain there in 2008-09, to be below the national rate for the fifth consecutive year.

A General Government operating surplus of $809 million is forecast in 2008‑09.
The State's net worth is budgeted to grow from $123 billion at 30 June 2008 to over $140 billion by 30 June 2012 – reflecting Queensland's position of holding the strongest balance sheet in the nation.
Interest expenses in the General Government sector is budgeted at just 1.5% of revenue in 2008-09.

Queensland maintains its competitive tax status, with taxpayers in other states and territories to pay an average of $274 more state tax each than Queenslanders in 2008-09.
The 2008-09 Budget provides tax relief to make housing more affordable. From 1 July 2008, the home and first home transfer duty concession thresholds will be increased from $320,000 to $350,000. The first home concession threshold will be further increased from 1 September so that no transfer duty will be payable on a first home valued up to $500,000.
Mortgage duty will be abolished in full from 1 July 2008 – another saving to those taking out home loans.
There are also land tax cuts, including specific measures to benefit the elderly such as exempting aged care facilities.
While already having the nation's lowest pay-roll tax rate, further relief will benefit 6,800 businesses in Queensland.

Last reviewed 3 June 2008