Queenslanders are set to receive more cost-of-living relief, the state government has announced.
Treasurer Cameron Dick handed down his mid-year budget review on Wednesday, tipping the economy to grow by three per cent over the next two years.
Registration fees for motor vehicles and public transport fees will be frozen for one year from July 1, 2024.
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For example, a commuter from the Gold Coast to Brisbane will save more than $210 a year on public transport, Dick said.
Free kindergarten for families will begin in 2024 and funding for the first homeowner grant has been doubled to $30,000 until June 2025.
The government has also provided $1.483 billion in electricity rebates to Queenslanders, with most households receiving $550 towards energy bills, and vulnerable households receiving $700.
“These changes are not as big as the electricity bill rate rebates, but every dollar you don’t have to spend at a time like this is very important,” Dick said.
Post-pandemic economy
The mid-year budget review shows the government’s four-year big build infrastructure program has increased from $89 billion to $96 billion.
Dick said 80 per cent of that increase is due to renewable energy projects and partnering with the federal government on increased social and affordable housing spending.
General government sector net debt is estimated at $14.676 billion by June 30, 2024, which is $1.514 billion lower than previously projected in the 2023/24 budget in June.
Coal royalties have been the backbone of the state’s post-pandemic economy, and are expected to boost revenue by $9.4 billion over the first five years.
Since being adopted in July 2022, additional royalty revenue from coal has pumped about $5.8 billion into the economy.
Dick said the budget is effectively in balance on the back of a $4.3 billion surplus in 2021/22 and a record $13.9 billion surplus in 2022/23.
“The strength of our balance sheet enables us to deliver more cost-of-living relief for Queenslanders,” Dick said on Wednesday.
“The number one priority of the government is to make sure we deliver as much cost-of-living relief to Queensland families and businesses as we can afford.”
The government outlined $8.224 billion in concessions in the June budget and will reveal further measures to ease cost-of-living pressures on Queenslanders.
General government sector revenue is estimated to be $3.7 billion higher than previous budget estimations
Queensland household spending growth is expected to slow in 2023/24 due to increased lending rates and cost-of-living pressures.
But household consumption growth is expected to bounce back slightly in 2024/25 due to a forecasted ease in inflation.
Queensland coal exports are forecast to grow five per cent in 2023/24 and a further 8.25 per cent in 2024/25.
Total key state revenues in 2023/24 are estimated to be $4.248 billion lower than in 2022/23.