Queensland Treasury’s financial statements fall into two categories:
In 2019–20, Queensland Treasury administered $34.446 billion of revenue and $6.533 billion of expenses on behalf of the state. This excludes administered item revenue which is appropriation revenue received from the Consolidated Fund to meet administered expenses.
The largest single source of administered revenue was grants and other contributions of $17.834 billion, followed by state taxes of $11.549 billion.
The main component of Commonwealth grant revenue was Queensland’s share of GST. Other Commonwealth revenue includes funding for National Partnership Payments and Specific Purpose Payments.
In response to the Queensland Government’s measures to support Queenslanders’ health, jobs and businesses in response to COVID-19, Treasury implemented payroll tax, land tax, gaming tax and Regional Home Builder Grant boost relief measures.
Treasury also administered the Queensland First Home Owners’ Grant on behalf of the state in 2019–20.
Treasury’s controlled revenue consists principally of Parliamentary appropriations. In 2019–20, appropriation revenue allocated to services was $252.325 million (compared with $241.390 million in 2018–19).
The Queensland Government Insurance Fund (QGIF), administered by Treasury, is a self-insurance arrangement which commenced on 1 July 2001. Government agencies pay premiums intended to meet the cost of claims arising from incidents occurring in the premium year, with the claims to premium ratio at 96% since commencement. QGIF also meets the cost of claims arising from incidents occurring prior to 1 July 2001.
Claims are paid out of Queensland Treasury’s Administered accounts, while the provision for outstanding claims is held at the whole-of-government level.
The estimated outstanding claims liability as at 30 June 2020 was $2,624 million, compared to $1,764 million at 30 June 2019. The significant increase is largely driven by the recognition of a provision for historical serious physical child abuse claims following the removal of the limitation period, an increase in the provision for historical child sexual abuse claims following greater than expected claim experience, and business interruption claim costs arising from COVID-19. Investments intended to meet the government’s outstanding claims liabilities are held by Queensland Treasury Corporation within its long-term assets. The fund reinsurance program has been in place since 1 November 2011 and is subject to annual renewal.
QGIF’s outstanding claims liability and associated investments are reported in the government’s annual Report on State Finances.
State taxes, royalties and other state revenue 2019–20
Total administered expenses by category 2019–20