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After a seven-month wait, Queensland Treasurer Cameron Dick has handed down a historic budget as the state attempts to recover from the economic destruction caused by COVID-19.
What you need to know.
Queensland's total debt will hit almost $130 billion in three years as the state's finances take a hammering from the coronavirus pandemic.
The winners and the losers and a three-minute guide to the key figures.
The state’s peak medical body has criticised the government for falling short with the funds needed to support palliative care services ahead of looming debate on euthanasia laws in February.
Australian Medical Association Queensland president Chris Perry said the funding required was “10 times more” than what the government had promised.
Dr Perry said the government had pledged $171 million over five years.
Palliative Care Queensland and other sector bodies had determined a budget of $277 million would be needed.
The Queensland Resources Council has described the budget as a “vote of confidence” in the future of the sector and an opportunity to boost its position as an energy superpower through hydrogen development.
Chief executive Ian Mcfarlane also welcomed a continuation of the royalty freeze which was “so important” to investors - and has left a $4 billion hole in the government’s revenue.
“It is a challenge with royalties. Taxes to government [are] falling because of low commodity prices but production will be maintained and those [resources] jobs will be maintained going forward,” he said.
A reader asks: I don't think any politicians should be getting a raise in this climate. Does the budget say anything about their salary? Or any public servant salaries?
State political reporter Lydia Lynch answers: Queensland politicians will have their salaries frozen for four years.
In August, the state's Independent Remuneration Tribunal decided any salary increase for politicians "would not be considered until after September 1, 2022".
Queensland MPs have not had a pay rise since September 2017 and both the government and opposition supported extending the freeze.
S&P Global Ratings concludes Queensland is on a “solid path to fiscal recovery soon after the COVID-19 pandemic shock ends”.
“This is a key factor supporting the stable outlook on our 'AA+' rating. Queensland released its budget the same day …,” the rating agency says in a statement.
“We expect debt levels to rise sharply in 2021, reflecting the effects of the pandemic, before borrowing needs ease. For the first time in many years, Queensland's debt levels will not be the highest in Australia.”
Queensland’s success to date in curbing the spread of COVID-19 has allowed its “economy to open and budget to recover sooner than many of its domestic and international peers”.
“The stable outlook reflects our expectation that the local and national economies will recover and that the government will effectively manage its budget,” the rating agency says.
Rating agency Moody’s has delivered its verdict on the budget.
The budget projects revenue will be severely affected by the pandemic-induced recession despite Queensland’s success in containing COVID-19, Moody’s Investors Service vice president John Manning says.
“Debt-funded economic stimulus and infrastructure spending, combined with funding pre-election commitments, will drive sustained fiscal deficits over the four-year budget horizon, which implies Queensland’s debt burden will remain elevated for an extended period of time,” he says in a statement.
“While record-low interest rates will enable the state to absorb such a sharp rise in debt, the rapid and sustained increase in the debt burden will constrain its operating profile over time, particularly in the event of future shocks…
“Ongoing geopolitical and trade tensions with China present additional challenges to Queensland’s credit outlook, given its role as a major exporter of Australian coal and beef.”
Opposition Leader David Crisafulli said the government had been deceitful about its plans to borrow billions of dollars more than was outlined before the election.
In September, Treasurer Cameron Dick said he would borrow an extra $4 billion over the forward estimates, because of economic hardship brought on by COVID-19.
Today's budget revealed the government would be borrowing $32 billion more than was projected in last year's budget.
Mr Dick said he was upfront about plans to increase debt in the lead up to the state election.
It was also a budget with “few surprises” for the tourism sector.
Queensland Tourism Industry Council chief executive Daniel Gschwind welcomed the $47 million in election commitments delivered in the budget.
But he said the Achilles' heel of the sector would be the skills and workforce development needed to meet the pent-up demand expected to be unleashed as stated borders open.
“We have to make sure that we have the workforce in place with the skills to deliver the enormous services that will be delivered to our visitors over the coming months,” he said.
On whether more money was needed to help pull the industry out of a pandemic downturn, he acknowledged the support already provided but more might be required as “needs arise”.
“It will have to be very targeted and we are certainly very willing and keen to work with the government to make sure the help that is still needed goes to the right places,” he said.
RACQ’s Paul Turner described the billions set aside for road and rail infrastructure spending as a “COVID silver lining” in the budget.
Mr Turner said he was delighted with the investment but the “devil may be in the detail” in terms of the costs for drivers, with the organisation yet to see the more detailed documents.
He said it was also good to see money for the Coomera Connector in the budget papers after significant focus on the key Gold Coast seat of Gaven during the October election.
The Queensland Teachers Union has praised the government for a “very welcome increase” in funding for school facilities.
But speaking outside Parliament, union president Kevin Bates said he was also “very concerned” about the forecast interstate migration numbers.
He added the union was still happy to work with the government on programs it considered could be scrapped to help meet the $3 billion in savings sought over four years — NAPLAN in particular.
“We don’t want to see anything else cut, we want to see things go which are not contributing to student outcome,” he said.
Mr Bates also welcomed the continued investment in air conditioning classrooms.
Other union bodies including the United Workers Union and Queensland Council of Unions were widely supportive of the budget and its debt increase if this meant boosting jobs.