Major Economic Statement

On 9 December 2008, the Treasurer released the Major Economic Statement 2008-09 incorporating the Mid Year Fiscal and Economic Review.

The report details:

• a mid-year update on the fiscal and economic outlook for Queensland
• economic growth to exceed that nationally for the thirteenth consecutive year in 2008‑09
• an increase in forecast unemployment from 3.75% to 4.25%, but remains lower than that nationally
• a budget surplus of $54 million in 2008-09, forecast deficits in 2009-10 and 2010-11, before returning to a surplus in 2011-12
• a reduction of $884 million in taxation revenue estimates since the 2008-09 Budget
• funding measures and savings initiatives to help preserve the State’s capital program.

For more information view the Major Economic Statement including the Mid Year Fiscal and Economic Review on our website and read the Treasurer’s media statement.

2007-08 Treasury Annual Report now available

Treasury's 2007-08 Annual Report was tabled in the Queensland Parliament on 5 November 2008.

Our annual report details the department's achievements, performance and financial position for the 2007-08 financial year. During a period characterised by significant challenges and reform agendas, Treasury maintained its commitment to keeping Queensland’s fundamentals strong and securing prosperity for future generations.

A snapshot of our achievements during 2007-08 includes:

• developing the 2008-09 State Budget and monitoring and reviewing the 2007-08 State Budget
• modelling the impacts of climate change on the Australian economy as part of the Garnaut Climate Change review
• developing and implementing strategies to reduce alcohol-related harm in Indigenous communities
• providing community benefit fund grants totalling $40.1 million to more than 2,250 community projects.  

New to our annual report is an expanded report on how we managed our environmental responsibilities – including our carbon emissions – throughout the year.

The online publication also includes a compliance checklist, an important accountability document which helps us ensure our annual report complies with all legislative and other reporting requirements.

Report on State Finances 2007-08

The Report on State Finances 2007-08 which details the Queensland Government’s financial operations over the financial year was tabled in Parliament by Treasurer Andrew Fraser on 28 October 2008.

This Report incorporates the Outcomes Report and the Consolidated Financial Statements to provide a comprehensive view of the State’s performance. This approach ensures meaningful comparisons can be made across Commonwealth, State and Territory governments’ reports.

The Outcomes Report showed:

• a net operating balance deficit for the General Government Sector for 2007-08 of $1.559 billion, down $564 million from the Budget forecast primarily because of a further moderation in investment returns
• the State’s net worth had increased to $155.178 billion, up $32 billion on forecasts because of revaluations of non-financial assets
• Queensland maintained its competitive tax regime with Queenslanders paying $318 less tax revenue per capita than the average of other states.

For more information view the Report on State Finances and the Treasurer’s Ministerial Media Statement.

2007-08 Annual Economic Report

Queensland continues to record a superior economic performance compared with the rest of the nation.

The 2007-08 Annual Economic Report shows that the Queensland economy expanded by 5.1% in 2007-08, representing the twelfth consecutive year Queensland has recorded higher economic growth than that of the rest of Australia (3.4%).

Strong economic growth resulted in significant job opportunities for Queenslanders, with almost 60,000 persons finding employment in 2007-08. As a result, the State’s year-average unemployment rate fell to a 34-year low of 3.7%.

Review of Queensland Ports Management Structure

The Queensland Government recently completed a review of the Queensland Port Network Structure to ensure our seaport network is meeting the needs of a changing transport and logistics industry.

The review examined options to continue the viability of the port authorities and ensure the best outcomes for Queensland in terms of our seaport network assisting economic development, employment growth and facilitating trade, how the seaport network is managed, how freight is handled and meeting demand in the coal and minerals markets.

The Government has now agreed upon a preferred model that it will now consult in detail with industry stakeholders before coming to a final decision.

New population projections for Queensland

When it comes to population growth, Queensland continues to be one of the nation's largest and fastest growing states.

Our State's population will grow from just over four million currently to reach six million within 20 years and around eight million within 50 years.

The revised population projections update those of 2006 and take into account new data from the 2006 Census as well as new perspectives on fertility, mortality and migration. It is expected that continued high net interstate and overseas migration and a rising number of births will contribute to the population increase over the coming years.

For more information, download the Queensland Government Population Projections to 2056: Queensland and Statistical Divisions (third edition, 2008) from Queensland Treasury's Office of Economic and Statistical Research (OESR) website.

New Office of Liquor, Gaming and Racing takes shape

On 1 July, the new Office of Liquor, Gaming and Racing was created in Queensland Treasury. It brings together the functions of the former Liquor Licensing Division, the Office of Gaming Regulation and the Office of Racing.

The new office will provide a modern, proactive regulatory environment with a focus on ensuring community confidence in the integrity of the liquor, gaming and racing industries. The integration will also deliver a more comprehensive application of Queensland’s harm minimisation framework for liquor and gaming.

Other benefits will include:

• creating a ‘one stop shop’ for clients and stakeholders
• reducing red tape by integrating liquor and gaming application processes where appropriate.

There will be no immediate impacts for clients and stakeholders, as a ‘business as usual’ approach is in place while the new office takes shape.

Treasury Corporate Plan 2008-13

Whether we’re managing and coordinating the State Budget, working with the Queensland Water Commission to develop and implement institutional arrangements for urban water supply throughout the south-east corner, or implementing gambling and harm-minimisation processes, Queensland Treasury is working hard to provide specialist advice and deliver diverse services for the benefit of all Queenslanders – now and in the future.

So what are our plans for the coming years? Recently Treasury released its 2008-13 Corporate Plan. This whole-of-department strategic plan sets the direction for our activities over the next five years, such as our key priorities, strategies and goals. It also includes general departmental information, a summary of output business priorities, and capability priorities for the Department.

To find out more download the Treasury Corporate Plan 2008-13.

2006-07 Red tape reduction stocktake report

The Queensland Government delivered in excess of $10.4 million in savings to Queensland businesses last financial year as a result of its strengthened regulatory reform agenda.

An estimated 20,000 incorporated associations throughout the State were the big winners with small and medium sized associations benefiting from a total of $5 million in savings following the introduction of a new reporting system that streamlines their financial and administrative processes.

This year's Red tape reduction stocktake report highlights key regulatory improvements that have delivered relief to businesses and the community across the State through reduced costs, delays and uncertainties.

To find out more, download a copy of the 2006-07 Red tape reduction stocktake report.

2008-09 State Budget

The Queensland Government handed down its State Budget on Tuesday, 3 June 2008.

Key priorities of the 2008-09 Budget include providing improved healthcare systems, delivering vital long-term social and economic infrastructure, funding capital works and providing tax cuts to help Queenslanders purchase their first home.

This year's Budget provides an estimated $17 billion for the biggest capital works program in Queensland history, representing an increase of more than 21% on the 2007-08 Budget.

View the State Budget 2008-09 website for more information.

Evaluation of the Queensland Responsible Gambling Strategy

Since its launch in 2002, the Queensland Responsible Gambling Strategy has made significant progress towards minimising the potential harmful impacts of gambling and combating the growth in gaming throughout the State. However in recognition of the changing nature of Queensland's gambling environment, the Queensland Office of Gaming Regulation is undertaking an evaluation of the Strategy to examine its performance and effectiveness as well as the ongoing relevance of its content, structure and vision.

As part of the evaluation process, a discussion paper has been developed to facilitate consultation with stakeholders throughout the State. Further information about the Evaluation of the Queensland Responsible Gambling Strategy is available on the Responsible Gambling website.

Results from the latest Queensland Household Gambling Survey are also available. The latest population survey of 30,000 Queenslanders shows less than half of one percent of the State's adult population are problem gamblers, while twenty-five percent do not gamble at all. The Queensland Household Garmbling Survey 2006 - 2007 can be accessed on the Responsible Gambling website.

Treasury GRADStart applications now open

Queensland Treasury is looking for people with personal drive and commitment to join our GRADStart graduate programs in July 2008 or February 2009. Apply now as applications close on Thursday 24 April 2008.

Queensland Treasury's GRADStart Graduate Program has consistently been one of the major talent attraction strategies for the department. Treasury's GRADStart Graduate Program is individually tailored to each graduate and their career goals. During the 12 month program, you will have the opportunity to rotate to different work areas to allow you to build on your skills and networks and explore career options available.

In 2008, Treasury appointed 25 graduates across disciplines such as economics, commerce, law, finance, business, justice and science (mathematics). 

With so much to gain, why not take a look at our Treasury GRADStart information and apply to become a part of the Queensland Treasury team?

Valuation of SEQ water assets finalised

The valuation of South-East Queensland water assets has been undertaken with Treasurer Andrew Fraser announcing a $1.9 billion compensation package.

The restructure deals with approximately 18 per cent of total water assets owned by councils, the other 82 per cent of water businesses will be retained by councils.

Mr Fraser said the State Government has made a major concession to accommodate Councils' position on the compensation package, of which full compensation for tax equivalent revenue was being sought by councils.

For more information, view the Treasurer's media statement.

To find out more view the KPMG Valuation of SEQ Councils' Bulk Water Assets Approach and Process.