QLD State Budget 2022 – 2023
QLD State Budget 2022 - 2023
Message from the Treasurer
Queensland’s nation-leading response to the COVID-19 pandemic continues to underpin an economic recovery that is recharging our state.
Our economic growth has outstripped the national average and our jobs growth is the strongest of all states and territories.
As our economy grows, our government is committed to creating more jobs in more industries, delivering even better services and protecting the great lifestyle that is synonymous with Queensland’s identity.
The 2022–23 Budget is for all Queenslanders.
The Hon. Cameron Dick MP
The key forecasts
A deficit of just over $1bn is forecast in 2022-23.
The state’s economy is expected to rise by 3% next financial year, slightly below the forecast inflation rate of 3.75%.
The unemployment rate is forecast to be just over 4% in 2022-23.
The budget includes a $9.78bn capital increase to build and expand hospitals, resulting in about 2200 extra hospital beds over six years.
This includes three new hospitals and a $750m cancer centre.
A further $1.6bn has been committed for mental health over five years to support a new five year plan.
About $334m has also been committed for the Royal Flying Doctor Service over the next 10 years.
The budget has revealed a commitment to wipe $14.60 from monthly household electricity bills – which will rise by at least $13.75 in the south-east and $9.90 in regional areas – until 2023/24.
The government will also spend $6.8bn on subsidies for health, transport and education for eligible Queenslanders, an increase of about 10%.
The budget includes $29.8m over four years to address youth homelessness.
There will be $13.3m spent on giving public high school students are to have access to free period products for 12 months via school vending machines.
A $262.8m investment over four years will help build five new schools, due to open in 2025-26.
The budget commits $35.5m towards the manufacturing facility of the Translational Research Institute in Brisbane
A new levy targeting big business with national payrolls of more than $10m to fund mental health is also being introduced and is predicted to yield $1.64bn over five years.
Coal royalties will increase to keep pace with the rising global prices. Progressive rates increasing to a ceiling of 4% for coal sold at more than $300 a tonne will be introduced.
The budget commits $35m for a feasibility study on a 5-7 gigawatt pumped hydropower project, as well at $13m to finalise studies on the proposed 1.0GW Borumba pumped hydro project.
The government will spend $40m on protecting koala habitat and increasing their populations in the south-east.
A further $14.7m will fund a program to assess, protect and recover threatened species.
The budget commits $924m towards the $1.22bn Gold Coast Light Rail Stage 3 project that will run from Broadbeach South to Burleigh Heads.
There is $876m committed towards the $2.6bn Logan and Gold Coast Faster Rail (Kuraby to Beenleigh) upgrade, and $489m for the $550.8m Beerburrum to Nambour Rail upgrade.
A further $789m will be spent on new rail rolling stock, platform screen doors, European Train Control System fitment and Automatic Train Operations, while a new $200m fund will see interest earnings to used for roads, sewerage systems in the south-east to spur housing development.
The budget commits $4m to support the development of Indigenous tourism operators, as well as $10m for an Indigenous reef monitoring program.