Under Treasurer's report
As a central agency Treasury plays a significant role in managing the Queensland Government's finances and strengthening the State's economy and fiscal position.
We provide services and policy analysis and advice for taxation, superannuation, insurance, shared service implementation, gaming regulation, economic and statistical research, and the regulation of Government-owned corporations. In 2006-07, Treasury administered and receipted almost $16 billion in revenue and administered grant and subsidy programs totalling $713.51 million.
Developing and monitoring the State Budget is a key focus for Treasury each year. The 2007-08 State Budget will allow the Government to deliver on its economic, social and intellectual infrastructure commitments from a position of fiscal and economic strength. Queensland's net worth will continue to increase from $114.466 billion at 30 June 2007 to an estimated $130.941 billion by 30 June 2011. Queensland's AAA credit rating has recently been confirmed by international ratings agencies.
During the year, Treasury worked with agencies to develop proposals for bulk water supply arrangements for South East Queensland and established funding and governance arrangements for the region's water infrastructure program.
The Queensland Future Growth Fund was established through the investment of the $3.1 billion proceeds from the sale of the State's retail energy and gas distribution assets managed by Treasury. The Fund will help meet the challenges of climate change and the demand for infrastructure to ensure the continued economic development of the State.
Treasury also completed the $694.2 million Golden Casket transaction which will provide funding for the $700 million Children's Hospital.
Building on its earlier work on the drivers of growth, the Office of Economic and Statistical Research has commenced a second round of research into productivity in Queensland which will provide valuable analyses to inform future policy development.
The Office of State Revenue progressed taxation reform throughout 2006-07 with the abolition of hire duty and transfer duty on unlisted marketable securities.
In addition the 2006-07 Budget included a number of additional taxation concessions with increases in thresholds for pay-roll tax, land tax for resident individuals and for the transfer duty home concession and introducing a new first home owner transfer duty concession for vacant land.
In 2006-07, the Queensland Office of Gaming Regulation continued to ensure the State and community benefit from gambling by maintaining the integrity and probity of Queensland's gambling industry, driving responsible gambling policy and research, and coordinating community grants programs.
The Responsible Gambling Community Awareness Campaign received the Australian Marketing Institute's national award for Marketing Excellence in Social Marketing. Community benefit fund grants totalling $39.9 million were provided to more than 2,300 community projects. The Golden Casket Foundation contributed to medical research in Queensland with six grants totalling $1.2 million.
With over 450,000 members and over $20 billion in funds under management, QSuper prepared for major changes to its business in 2006-07 by moving towards alignment with federal regulation. From 1 July 2007, QSuper Limited will administer QSuper, and this is the final year in which Superannuation will feature as an output in Treasury's Annual Report.
With the advent of the Commonwealth Government's Better Super changes, QSuper's commitment to members included a comprehensive education campaign. Security in retirement was also the aim of their financial literacy program, now available to all public sector employees.
In 2006-07, the Shared Service Initiative returned savings to Government of over $30 million through improved governance and standardised systems across Government. In 2006-07, the finance business solution was introduced to six agencies, and the human resource solution to one agency.
I am proud to report that Queensland Treasury's dedicated and professional staff delivered on the challenges presented to them during a challenging and eventful year in 2006-07. I look forward to working with the department's staff to maintain Queensland's strong fiscal and economic position in the year ahead.
Gerard Bradley
Under Treasurer
Last reviewed 29 September 2008
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