The government’s fiscal strategy in the 2020–21 Queensland Budget prioritised economic recovery alongside targeted expenditure and capital investment to position the state well for fiscal repair, supporting ongoing and new government commitments since the onset of COVID-19.
The state’s finances are managed in line with the government’s fiscal principles set out in the Charter of Fiscal Responsibility. Delivery of the 2020–21 Queensland Budget prompted the review of the charter’s fiscal principles for the 2021–22 Budget. The new charter will guide fiscal recovery in the medium term, addressing key areas including debt burden, affordable expenditure growth, funding of capital expenditure, competitive taxation, and retaining the long-standing commitment to targeting full funding of superannuation and workers’ compensation liabilities.
Into the future, the government will continue to respond to the ongoing impacts and emerging risks of COVID-19. Further, the government’s fiscal strategy will focus on improving the state’s productivity and competitiveness to drive ongoing private sector growth and jobs.