Foreword

The 2023–24 Budget Update showcases the continuing strength of Queensland’s growing economy, against a backdrop of subdued global economic conditions and cost-of-living pressures affecting households.

Queensland’s economy has continued to outperform most other states and territories, with strong growth in population, employment, wages, and exports.

This strength, combined with robust fiscal management has enabled the Government to continue to address national cost-of-living pressures for Queenslanders.

Building on the record $8.224 billion in concessions outlined in the 2023–24 Budget, we are providing more support to families and businesses facing cost-of-living pressures, including:

• boosting the First Home Owner Grant to $30,000, the equal highest in the nation, until June 2025
• freezing the registration fee and traffic improvement fee components of Motor Vehicle Registration Costs in 2024–25
• freezing public transport fares in 2024
• maintaining critical investment for both financial counselling and resilience services, and food relief and emergency relief.

We’ve delivered nation-leading rebates and concessions, while also funding investment in critical infrastructure and services that support long-term growth.

Against a backdrop of subdued global economic conditions, Queensland’s strong labour market and population growth, combined with significant public investment, have supported solid domestic activity.

The Queensland economy grew 2.3 per cent in 2022–23 and growth is forecast to strengthen to 3 per cent in both 2023–24 and 2024–25. Our economy has rebounded since the COVID-19 pandemic to be 9.8 per cent larger than it was in 2018–19, highlighting the resilience of the state’s diversified economic base.

Queensland’s labour market continues to perform strongly.

In October 2023, employment in Queensland was 286,900 persons, or 11.1 per cent, above its pre-COVID level of March 2020. That jobs growth is the equivalent to more than the population of Ipswich. It is the second strongest rate of jobs growth of any state or territory, and accounted for one quarter of national job gains over that period.

And our regions are benefiting from strong employment conditions, with Toowoomba, Townsville, and Logan – Beaudesert all seeing employment growth of over 20 per cent since pre-COVID levels in March 2020.

Queensland recorded an unemployment rate averaging 3.7 per cent in 2022–23, the lowest year-average unemployment rate since 2007–08 and the second lowest on record since 1978.

The improved revenue outlook in 2023–24 primarily reflects upward revisions to coal and petroleum royalties, due to higherthanexpected global metallurgical coal prices, and higher oil prices. 

The record 2022–23 net operating surplus and improved fiscal position in 2023–24, both of which are driven by the temporary and unprecedented strength in coal royalties and introduction of progressive coal royalties, provides Queensland with the capacity to deliver additional costofliving measures, while also supporting the state’s record capital program over the next 4 years.

The 2023–24 Budget Update includes a current capital program of $96.2 billion over the 4 years to 2026–27. The government is delivering productivity-enhancing economic and social infrastructure needed to support a growing Queensland. The Big Build capital program is supporting the state’s economic and energy transformation and improving the liveability and sustainability of Queensland communities.

These investments will support the growth of Queensland’s traditional and emerging industries and create more jobs across the state.

With a focus on growing the Queensland economy, we’ll continue to invest in the future for families and businesses across the state.

Cameron Dick MP

Treasurer

Minister for Trade and Investment