Queensland Treasury prepares the Queensland Budget for the government every financial year. It is normally tabled by the Treasurer in State Parliament in early June.
The budget outlines the government’s revenue and expenses for the coming year, provides an overview of the state economy, and details the priorities the government will deliver.
The Treasurer and Minister for Trade Tim Nicholls MP delivered the 2014-15 Queensland Budget on Tuesday, 3 June 2014.
The 2014-15 Queensland Budget carefully balances increases in education, health and community services spending, while not introducing or raising any new taxes or reducing services.
The budget continues to grow Queensland’s four pillar economy, revitalise frontline services and fund job-creating infrastructure projects.
How the money is raised
|48%||Australian Government grants revenue|
|24.8%||state taxes such as stamp duties, payroll tax and land tax|
|10.3%||the sale of goods and services, such as fees charged by public colleges, sale of publications, and camping permits|
|7.7%||other revenue, 80% of which is mining royalties, and the remainder from items such as fines and driver licences.|
|4.8%||interest on invested cash – primarily from superannuation, long service leave, and insurance funds.|
|4.3%||tax equivalent and dividend payments from Government-owned corporations.|
How the money is spent
|11.7%||Transport and communications – including roads, ports and aviation|
|10.7%||Community services, including social welfare, housing, and disability services|
|8.7%||Public order and safety – including police, fire protection, law courts and prisons|
|5.2%||Economic services – services to help grow industries such as tourism, forestry, mining, agriculture and energy|
|12.6%||Other services – mainly activities provided by Treasury, Department of the Premier and Cabinet and Department of Housing and Public Works|
In 2014-15, Queensland’s revenue is forecast to be $50.12 billion. Almost half of this revenue is from Australian Government grants (including GST), with 25 per cent from state taxes, such as stamp duties, payroll tax and land tax.
Health and education usually make up about half of Queensland’s budget expenditure. Queensland’s expenses are budgeted to be $49.933 billion in 2014-15.