The Federal Government and other states have also delivered delayed budgets. But trade tensions between Australia and its biggest trading partner, China, remain a “substantial risk” to Queensland’s bottom line, the Budget papers revealed. “I make it clear today that the Budget will only return to balance when the economy returns to normal.”. Total Government Debt is the gross sum of liabilities across federal, state and local Government in Australia. One of the centrepieces is $56 billion earmarked for capital works and infrastructure, with Mr Dick hailing it a "record spend over the past decade". But he said that figure would still only be about two-thirds of New South Wales' total estimate of $190.8 billion. Apply for early release for Financial hardship, Apply for early release on compassionate grounds, Bankruptcy and other formal insolvency options, Domestic and family violence and financial hardship, COVID19 – If you accessed your super early (eligibility issues), COVID19 – Mandatory hotel quarantine fees, Federal budget recieves lukewarm reaction from Queensland tourism, social services sectors, Budget 2021 backs jobs, mental health and farmers in Queensland but misses support for social housing and tourism, HomeBuilder and New Home Guarantee extended, 2 per cent deposit Family Home Guarantee introduced in 2021-22 federal budget. *Data current as at 28 April 2021. Mr Dick said the Government had already "achieved" 47 per cent — or $352.2 million — of its savings target for 2020-21 "through a range of measures". Speaking on the same day Queensland lifted its border restrictions with both Victoria and New South Wales, Mr Dick said the Budget set aside an extra $360.5 million in funding this financial year for the Government's COVID-19 response. Winners and losers: Your quick guide to the 2021-22 federal budget. It just sold for $119 million, Man dies in Sydney's eastern suburbs after alleged assault, 'Panther' sighting after country footy match leads to flood of big cat tales, Liberal MP's 'political stunt' pays off, with two WA Upper House committees to be chaired by Opposition, Hail storms sweep through southern Queensland, cutting power and causing flash-flooding. By 2022–23, Queensland’s NFPS net debt will be … “While New South Wales and Victoria will have total debt levels exceeding 190 per cent of revenue by 2024, Queensland’s debt figure will be 174 per cent,” he said. But with COVID-19 lockdowns smashing the state's tourism and services sector, debt is now expected to top $100 billion in the budget update in … Following the Queensland 2020–21 State Budget release, Queensland Treasury Corporation (QTC) estimates it will have a borrowing program of AUD21.0 billion term debt for the 2020–21 financial year. “What the mining companies are saying to me, that the last thing they want to see are mines closed in Queensland — that could have an impact on Queensland jobs,” she said. To support Queensland’s COVID-19 economic recovery, the government is implementing a savings and debt plan to deliver savings of $3 billion over four years to 2023-24.. To date, we have achieved 47 per cent or $352.2 million of our savings target for 2020-21 through a range of measures. The estimated operating deficits imply overall fiscal deficits of $10 billion or more in 2019-20 and at least $13-14 billion in 2020-21. Registered and finalised debts, 2020–21 Queensland Treasurer Cameron Dick will outline further borrowings to stimulate the economy that could push the state’s debt above $106 billion.. … Asked if the mounting debt would ever be repaid, Mr Dick responded: "yes, it will". He said today’s Budget delivered on all of Labor’s election commitments and contained no new or increased taxes, or “surprises for Queenslanders”. “We are borrowing for everyday expenses — we are borrowing seven times more than what was asked of the Queensland people … a month ago [at the election].”. The State Government was due to hand down the Budget in April, ahead of the election, but it was deferred in the wake of the COVID-19 crisis. What is financial hardship and what are your rights? Before, and during, the 2020 State Election campaign we made more than 1,000 commitments. Mr Dick said Queensland’s deficit for 2020-21 was forecast to be $8.5 billion, and said the coronavirus pandemic had obviously caused a large hit to the state and federal economies. Queensland debt to balloon from coronavirus recession as state cops $2.5b cut to GST funding By state political reporter Stephanie Zillman Posted Thu Thursday 23 Jul July 2020 at 9:15am Thu Thursday 23 Jul July 2020 at 9:15am The Queensland Future Fund will be used to manage the state’s future debt levels. Opposition Leader David Crisafulli criticised the Government, suggesting it had not been upfront about the borrowings. Commonwealth subsidy expenses for September quarter 2020 … But trade tensions between Australia and its biggest trading partner, China, remain a "substantial risk" to Queensland's bottom line, the Budget papers revealed. Other measures include a $200 million investment for “skills of the future” including $25 million over two years for pre-apprenticeship support. Chamber of Commerce and Industry Queensland spokesman Jack Baxter said there should had been more support for small business. Queensland's debt levels will hit almost $130 billion within four years, but the state government maintains it will still be lower than NSW and Victoria. It has not factored in a "substantial second wave" of coronavirus in Queensland into the forecasts because of the "ongoing low number of active cases," despite the Premier acknowledging a second wave could happen at any time. The negative fiscal balance has more than doubled since the mid-year budget review, to $9.3 billion, and is forecast to hit $13.1 billion by the end of 2020-21. However, our review of the 2019–20 budget for each state also identified that NFPS net debt for Queensland is forecast to increase at a rate below the average for the other states over the forward estimates. The Queensland Government produces several documents to communicate the key elements of the budget. > Queensland 2020–21 State Budget. The Queensland Government produces several documents to … Qld Budget 2020: Question of state debt remains unanswered. We have National Cabinet next week and I’m quite sure it’ll be raised at National Cabinet.”. More than 138,000 Queenslanders have lost their jobs as … The public sector employee bill is set to hit approximately $26 billion this financial year, and approximately $28 billion by 2023-24. The Budget assumes — in line with the Commonwealth — that a COVID-19 vaccine will only be widely available late next year, and that international borders will also remain closed until at least the “latter half of 2021”. The Government said the Budget will also "strengthen" the ranks of frontline public servants, and takes into account that it will hire 5,800 nurses and midwives, 1,500 doctors, and 475 paramedics. In September's fiscal economic update for the 2020-21 financial year, the Government predicted the state's debt would reach almost $102 billion by mid next year. We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn, and work. Queensland Budget 2020: State's debt levels to hit $130 billion within four years By Kate McKenna. Today, Mr Dick revealed Queensland’s total gross debt was now forecast to hit $122.668 billion by 2022-23, and about $130 billion by 2023-24. State Budget 2020-21. The Australian Medical Association welcomed increased funding for the COVID-19 response, but was disappointed there was not more money allocated to other areas such as palliative care, pain management and medical technology. Qld Budget 2020: Question of state debt remains unanswered. Queensland's debt levels will hit almost $130 billion within four years, but the state government maintains it will still be lower than NSW and Victoria. Mr Dick said revenue was set to plunge $12.3 billion lower than what was predicted at last December's fiscal economic update. $8.1bn deficit, jobless rate to hit 9 per cent, $101.9bn debt in Qld government economic outlook post-COVID. Key policies and conceptual determinations are discussed in the article Economic measurement during COVID-19: Selected issues in the Economic Accounts.Further ABS data measuring the impact of COVID-19 can be found via abs.gov.au/covid19. FOCUSING ON CORE TASKS. Queensland Treasury prepares the Queensland Budget for the government every financial year. Downsizing and staying at home: What’s in the budget for pensioners and self-funded retirees. Mr Dick said revenue was set to plunge $12.3 billion lower than what was predicted at last December’s fiscal economic update. “It’s a national issue. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. Delivering his first budget, after it was delayed by the coronavirus pandemic, Treasurer Cameron Dick said COVID-19 had dealt a hammer blow, confirming the state was staring down four years of deficits. Oct 6, 2020 – 6.09pm Queensland's total debt could top $118 billion by the end of next parliamentary term – $16 billion more than flagged by Treasurer Cameron Dick in … We have National Cabinet next week and I'm quite sure it'll be raised at National Cabinet.". "The Budget is in deficit because it is a pro-growth and pro-business budget," he said. But the Budget papers do not reveal costing detail past the allocated $14.8 billion in 2020-21. The State Government was due to hand down the Budget in April, ahead of the election, but it was deferred in the wake of the COVID-19 crisis. That funding will support measures such as the cost of Personal Protective Equipment, contact tracing, fever clinics, and running quarantine. The Budget assumes — in line with the Commonwealth — that a COVID-19 vaccine will only be widely available late next year, and that international borders will also remain closed until at least the "latter half of 2021". Asked if the mounting debt would ever be repaid, Mr Dick responded: “yes, it will”. "But the number of Queenslanders who want to work has increased higher still.". Total debt, or that held by the "non-financial public sector" which includes government-owned corporations, was expected to be $78.72 billion in 2019-20. In September’s fiscal economic update for the 2020-21 financial year, the Government predicted the state’s debt would reach almost $102 billion by mid next year. "While New South Wales and Victoria will have total debt levels exceeding 190 per cent of revenue by 2024, Queensland's debt figure will be 174 per cent," he said. (AAP Image/Dan Peled) After Treasurer Cameron Dick gave a long-awaited budget update on Monday, following the postponement of the budget proper, the Opposition questioned the government’s economic record and priorities. Today, Mr Dick revealed Queensland's total gross debt was now forecast to hit $122.668 billion by 2022-23, and about $130 billion by 2023-24. COVID-19 impacted a range of Government Finance Statistics series in the December quarter 2020. The 2020-21 … "That includes a $4.5 billion reduction in forecast tax revenue, a $3.8 billion drop in GST revenue and a $4 billion fall in royalty revenue," he said. The 2020-21 Queensland Budget will be tabled in State Parliament. But he said that figure would still only be about two-thirds of New South Wales’ total estimate of $190.8 billion. 1/12/2020. But fees and charges will rise above the rate of inflation. Meanwhile, stakeholders’ reaction to this year’s Budget has been mixed. Queensland General Government Sector Gross Debt was $43.8 billion … The following table shows the number and value of debts that have been registered with us and finalised by us. "We are borrowing for everyday expenses — we are borrowing seven times more than what was asked of the Queensland people … a month ago [at the election].". As part of its Savings and Debt Plan, the Government has established the Queensland Future Fund and its first sub-fund, the Debt Retirement Fund. Chamber of Commerce and Industry Queensland spokesman Jack Baxter said there should had been more support for small business. The 2020-21 Budget has assumed trade relations with China would "normalise" in 2021-22. “We’re working on sustaining that relationship and we’re confident that our [Queensland’s] strong, positive relationship with China will continue but there are other factors, frankly, beyond our control,” Mr Dick said. In September's fiscal economic update for the 2020-21 financial year, the Government predicted the state's debt would reach almost $102 billion by mid next year. Queensland Treasurer Jackie Trad has defended the state's ballooning $90 billion debt as necessary to shore up the state's economy, while revealing … Queensland Budget 2020: State’s debt levels to hit $130 billion within four years, https://ndh.org.au/wp-content/uploads/2020/05/ndh_logo_dark-copy.png, https://ndh.org.au/wp-content/uploads/2020/12/12939414-16x9-2150x1210-1.jpg, © Copyright Financial Counselling Australia 2020, Difficulty repaying Buy Now Pay Later debts. He said there needed to be measures to ease costs and provide further stimulus, and he was fearful businesses would have to let staff go. The 2020-21 Budget has assumed trade relations with China would “normalise” in 2021-22. General government debt is expected to increase 36% in 2020-21 to nearly $60 billion at the end of financial year. Queensland Opposition Leader Deb Frecklington says Queensland is being driven into a deep well of debt, with no plan to get out. When asked about this, Mr Dick said he would seek advice. He said there needed to be measures to ease costs and provide further stimulus, and he was fearful businesses would have to let staff go. “The Budget is in deficit because it is a pro-growth and pro-business budget,” he said. In September’s fiscal economic update for the 2020-21 financial year, the Government predicted the state’s debt would reach almost $102 billion by mid next year. "It's a national issue. Queensland is forecast to have an operating deficit of $8.4 billion in 2020-21. We offer tailored front pages for local audiences in each state and territory. Find out how to opt in for more Queensland news. The state’s budget deficit will be about $184.5 million in this current financial year – the largest negative balance sheet outcome since World War II. “That includes a $4.5 billion reduction in forecast tax revenue, a $3.8 billion drop in GST revenue and a $4 billion fall in royalty revenue,” he said. The Federal Government and other states have also delivered delayed budgets. “But the number of Queenslanders who want to work has increased higher still.”. State revenue is expected to fall by an estimated $6.8 billion over the 2019/20 and current financial years. Queensland debt to blowout to more than $100b following COVID-19 pandemic By 9News Staff 7:50pm Sep 7, 2020 Queensland's state debt has ballooned amid the COVID-19 crisis with the $234 million budget surplus forecast being turned into an $8.1 billion … State or territory SFD (million A$, 2019–20) GSP (million A$, 2018–19) Surplus / deficit New South Wales: 603,043: 629,117: 26,074: Victoria: 483,407: 461,248: Queensland: 361,478: 367,468: 5,990: Western Australia: 203,910: 288,225: 84,315: South Australia: 118,626: 109,843: Australian Capital Territory: 54,040: 39,956: Tasmania: 35,142: 31,993: Northern Territory: 23,482: 24,830: 1,348 Speaking on the same day Queensland lifted its border restrictions with both Victoria and New South Wales, Mr Dick said the Budget set aside an extra $360.5 million in funding this financial year for the Government’s COVID-19 response. He said today's Budget delivered on all of Labor's election commitments and contained no new or increased taxes, or "surprises for Queenslanders". Following the Queensland 2020–21 State Budget release, Queensland Treasury Corporation (QTC) estimates it will have a borrowing program of AUD21.0 billion term debt for the … The Queensland Council of Unions said it was happy with the investment in frontline services, while the Queensland Resources Council chief executive Ian Macfarlane said today’s budget was a vote of confidence in the resources industry. "I make it clear today that the Budget will only return to balance when the economy returns to normal.". One of Queensland Deputy Premier-Treasurer Jackie Trad's biggest challenges in her first state budget, to be delivered next month, is to demonstrate a credible debt reduction strategy. Mr Dick said the Government had already “achieved” 47 per cent — or $352.2 million — of its savings target for 2020-21 “through a range of measures”. Vaccine failures cast shadow over EU summit as COVID-19 surges. With legislation passed in August 2020, the value of Debt Retirement Fund (DRF) will offset against the State’s debt for credit rating agency metrics. Other measures include a $200 million investment for "skills of the future" including $25 million over two years for pre-apprenticeship support. One of Queensland Deputy Premier-Treasurer Jackie Trad's biggest challenges in her first state budget, to be delivered next month, is to demonstrate a credible debt reduction strategy. The hard work in delivering those commitments starts with this Budget. “Today, across our state, there are more Queenslanders working than there were before the pandemic struck,” Mr Dick said. Meanwhile, stakeholders' reaction to this year's Budget has been mixed. SPER has collected $35.8 million as at 31 August 2020 for the 2020–21 financial year. When asked about this, Mr Dick said he would seek advice. The 2020-21 suite of papers includes: Ms Trad pitched her budget as one for regional Queensland. The Queensland state government has revealed it will make a play for Virgin Australia. The debt level was forecast to be about $84 billion this financial year, before the health and economic crisis hit. State Budget 2020-21 The Treasurer and Minister for Investment, the Honourable Cameron Dick MP, tabled the 2020-21 Queensland Budget in Parliament on Tuesday 1 December 2020. The operating balance has gone from a slim surplus to a $5.8 billion deficit in 2019-20, and $9.3 billion in the red in 2020-21. One of the centrepieces is $56 billion earmarked for capital works and infrastructure, with Mr Dick hailing it a “record spend over the past decade”. It has not factored in a “substantial second wave” of coronavirus in Queensland into the forecasts because of the “ongoing low number of active cases,” despite the Premier acknowledging a second wave could happen at any time. Mr Dick said Queensland’s deficit for 2020-21 was forecast to be $8.5 billion, and said the coronavirus pandemic had obviously caused a large hit to the state and federal economies. I am very pleased that state government debt is a prominent issue in the campaign, and I must say I’m surprised by the Queensland Treasurer’s recent description of the total state government borrowing figure projected by the Treasury at $81 billion in … ... and in 2020-21 is expected to reach an unprecedented $60.9 billion. Queensland's debt levels will balloon to almost $130 billion within four years, but the Palaszczuk Government maintains that will still be lower than New South Wales and Victoria. Budget surplus will soon turn to debt 2020 will see a modest budget surplus of $189 million but debt is forecast to blow out by 2023. It’s the big mystery over Queensland’s finances, and it won’t be resolved until the State Budget is handed down on December 1. In the first Newman government budget of 2012-13, Treasury predicted that debt — incurred by the government and state-owned corporations — would hit $83bn in the 2015-16 financial year. Queensland Budget. It’s the big mystery over Queensland’s finances, and it won’t be resolved until the State Budget is handed down on December 1. Queensland's unemployment rate is expected to hit 7.5 per cent in 2020-21 before falling to a forecast 6.5 per cent by 2022-23. The Queensland Council of Unions said it was happy with the investment in frontline services, while the Queensland Resources Council chief executive Ian Macfarlane said today's budget was a vote of confidence in the resources industry. In August 2020, parliament passed the Queensland Future Fund Act 2020 (QFF Act) under which it will establish the Queensland Future Fund—Debt Retirement Fund (the Fund). 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