The 2022-23 Queensland Budget has been created to ensure that the State’s ability to fund and deliver key policy and infrastructure programs will not result in a significant burden of debt. With the 2032 Olympics on the horizon coinciding with burgeoning net interstate migration and a cost-of-living crisis, there is a distinct focus on rolling out social and transport infrastructure along with economically supporting small and medium sized enterprises (SMEs), and families.
The State has appropriately ramped up its social infrastructure pipeline through targeted hospital, social housing, and school infrastructure developments along with program and staff funding in these sectors. This is being underpinned by a broadening of transport connectivity which will both service the growing population and ensure capacity for the 2032 Olympics.
To fund these transformation projects, there has been significant shifts in the tax base, particularly for Queensland businesses as the State redistributes resources from sectors that are resilient to ongoing national and global inflationary pressures. The new mental health payroll tax levy, changes to land tax and the introduction of new taxes on gaming are likely to impact larger corporations but allow for redistributions through tax deductions to SMEs and trainees; and cost-of-living payments to lower income households.
The 2022-23 budget also leverages booming resource prices through a changed levy to coal exports. This levy will help support the energy and grid transition, with Queensland making strategic investments in storage and generation across the State.
Major themes of the 2022-23 State Budget include:
- Social and affordable housing
- Health and education infrastructure
- Tax and transfer changes
- Transport and connectivity in SEQ
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