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After a year like no other, the Queensland The 2020-21 budget has been issued.
Treasurer Cameron dick revealed that the state’s finances had been significantly impacted by COVID-19, with debt increasing to $ 102 billion and the budget deficit increasing to $ 8.63 billion.

The document also predicts four more years of deficit before a surplus and total debt of more than $ 130 billion is reached by 2023-24.

Dick defended the figures, saying the government will borrow less than Victoria ($ 192 billion) and New South Wales ($ 191 billion) and had to deal with revenues that were $ 12.3 billion lower than anticipated. .

Queensland 2020 Budget Summary.
Queensland 2020 Budget Summary. (Nine)

The Treasurer said his first budget meets all of Labor’s electoral commitments and the government’s plan to create and restore jobs.

“It is a budget focused on economic recovery and sustainable fiscal repair,” he said.

“It’s blatantly good for business and growth.

“Most importantly, the budget is focused on creating jobs for Queenslanders.”

Queensland Treasurer Cameron Dick impacts 2020-21 budget. (Nine)

Despite rising costs, Queenslanders will benefit from record investment in healthcare and major infrastructure projects.

Dick announced a record $ 21.8 billion in healthcare funding this financial year, with $ 360.5 million to assist in the delivery of the government’s COVID-19 response plan and $ 265 million to begin delivery of seven satellite hospitals in the southeast.

Labor has also committed a record $ 56 billion over the next four years for its infrastructure and capital works program.

In 2020-21, $ 6.3 billion will be spent on transportation infrastructure, including $ 1.5 billion to continue construction in Brisbane Cross River Lane and ongoing investments to fund existing upgrades to the M1 and Bruce Highway.
Cross River Rail video.
$ 1.5 billion has been allocated to the Brisbane Cross River Rail project. (Supplied)

The government has set aside new money to support manufacturing, led by the first $ 600 million of a $ 1 billion investment to build 20 trains at Maryborough.

The $ 50 asset ownership dividend payment will continue, providing Queenslanders with relief from their energy bills.

$ 1 billion will be invested over four years through the Great Future Pledge, including $ 394 million for new classrooms.

The Free TAFE and Free Apprenticeships program for Queenslanders under 21 will be extended to all Queenslanders under 25 at a cost of $ 21 million.

Concluding his budget address, the Treasurer admitted that the next four years would be a “tough road for Queenslanders” but would also offer opportunity and renewal.

“By working together, we will put our state on a path to prosperity and success that will last for decades to come,” said Dick.

“And this budget is the first step on that journey.”

Prime Minister Annastacia Palaszczuk said the budget will help fulfill her government’s electoral promise to create more jobs for the people of Queensland.

“He is measured, responsible and of course he has been endorsed by the people of Queensland,” he said.

“It’s about jobs, jobs, and more jobs.”

Queensland Premier Annastacia Palaszczuk and Treasurer Cameron Dick. (Nine)

The budget predicts that Queensland’s unemployment rate peaked at 7.9 percent in September, down from the 9 percent forecast for the December quarter.

It is expected to decline to 7.5% in 2020-21 and 6.5% by 2022-23.

But the government will not abide by one of its fiscal principles, as the public service grows faster than the state’s population.

There are now 238,604 civil servants in Queensland and the state’s wage spending was expected to hit $ 26.47 billion on June 30.


www.9news.com.au

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