14 June | 2023-24 Queensland Budget Summary

The 2023-24 Queensland State Budget was delivered yesterday by Treasurer Cameron Dick, who announced a record $12.3 billion Budget surplus fuelled largely by increased coal royalties. 

The Treasurer unveiled a $1.5 billion cost-of-living package alongside $19 billion for government-owned pumped hydro, wind, solar and battery projects as part of an $89 billion capital investment program designed to future-proof the state.

"For all those Queenslanders facing cost-of-living pressures I have a simple message: help is on the way," Dick said.

"In this budget, our government will deliver greater and more widespread cost-of-living relief than any other government in Australia, state or federal."

In December, Treasury's mid-year budget update forecast total coal royalties would reach $10.698 billion but continued record prices pushed that figure to $15.29 billion.

While net debt will be $5.8 billion this financial year, significantly less than the forecast $19.7 billion, the infrastructure spend announced in the Budget means an increase in the state’s forecast net debt in future years.

Critics argue that the Government’s $550 energy rebate for all households and up to $1,000 for vulnerable households will add to inflationary pressures amid the Reserve Bank’s ongoing interest rate hikes.

For full details on the 2023-24 Queensland Budget please click here.