Treasury drives the long-term sustainability of Queensland’s fiscal position by implementing budget strategies and applying financial risk management and accountability oversight. We support government priorities through providing expert advice, policy development and disclosure of whole-of-state budget and financial statements. We do this by:
- preparing the Queensland Budget
- monitoring whole-of-government expenditure
- preparing whole-of-government financial reports and accounts
- managing the balance sheet and having oversight of the state’s interests
- managing the state’s financial risks.
Despite the economic impacts in early 2022 from COVID-19, the Queensland floods and the War in Ukraine, Queensland’s economy and fiscal position have been resilient.
Deliver fiscal sustainability
2021–22 Budget Update
The 2021–22 Budget Update (the Update) provided an update on Queensland’s economic and fiscal position since the 2021–22 Queensland Budget. The Update reported a $1.993 billion reduction in the operating deficit in 2021–22, largely driven by a temporary increase in royalty income along with higher transfer duty receipts. Windfall gains in royalty revenue of $2.5 billion were invested into the state’s Long Term Assets portfolio.
The improving economic conditions since mid-2020 continued the strong rebound in revenue in 2021–22.
A net operating balance of $1.9 billion is expected for 2021–22, driven by the revenue impacts from the temporary surge in coal and oil prices and housing activity.
The 2022–23 Queensland Budget leveraged the benefits of the government’s strong health response to drive recovery and grow the economy through focusing on more jobs in more industries, delivering better services, and protecting the Queensland lifestyle.
Budget priorities included record funding for health services and a transformative health capital program to grow the system’s bed capacity. The boost to the health infrastructure is part of a $59.126 billion capital program over 4 years to 2025–26. The Queensland Budget also addresses cost of living pressures through a significant concessions uplift, including an Electricity Asset Ownership Dividend rebate to help manage electricity costs.
Financial Provisioning Scheme
The Financial Provisioning Scheme manages the state’s financial risk of small miners and resource sector holders of an environmental authority not meeting their rehabilitation obligations under the Environmental Protection Act 1994. As at 31 March 2022, all assessable environmental authorities had been transitioned into the Risk Category Allocation assessment process.
More information can be found in the Scheme Manager’s Financial Provisioning Scheme Annual Report, available on the Queensland Treasury website.