The 2020-21 Queensland Budget handed down on 1 December prioritises investments in health, infrastructure, small business, manufacturing, the regions, skills and training, frontline services and protecting the environment.
A significant infrastructure capital investment of $56.031 billion will be made over four years, including $14.8 billion in 2020–21, which is estimated to support 46,000 jobs.
The pandemic’s impact has been significant, with a net operating deficit of $8.633 billion expected in 2020-21. Net debt is forecast to rise to almost $130 billion by 2023-24.
The State’s economy is expected to return to growth of 0.25% in 2020–21 and 3.5% in 2021–22.
CA ANZ's infographic highlights the key budget announcements.
- There were no changes or extensions to the COVID-19 tax relief measures already announced which include:
- Payroll tax refunds or holidays for more than 16,700 businesses
- Payroll tax deferrals for more than 10,800 businesses
- Payroll tax exemptions for wage subsidies paid under the JobKeeper program
- Land tax rebates for eligible properties for 2019-20 and 2020-21, a 3-month deferral of land tax liabilities in 2020-21 and a waiver of the land tax foreign surcharge for 2019-20.
- Major infrastructure and expenditure announcements in 2020-21 include:
- $21.8 billion for health facilities and services
- $17.5 billion for education and training including $200 million for future skills requirements
- $14.8 billion infrastructure investment including $6.3 billion for transport infrastructure
- $6.3 billion in concessions to reduce the costs of transport, electricity and water
- $1.6 billion for health facilities and services
- $1 billion to bring train manufacturing back to Queensland.
- Backing Queensland Business Investment Fund of $500 million, including $100 million for small businesses with significant growth potential.
- Other small business support includes:
- $196 million for Small Business Adaption Grants of up to $10,000 for small and medium sized businesses
- Establishing a Small Business Commissioner to provide information and advocacy
- Introducing a procurement target, with 25% of all government spend to go to small and medium businesses.
- Tourism funding including:
- $25 million for the Growing Tourism Infrastructure Fund
- $20 million for a Tourism Activation Fund
- $15 million for a Regional Tourism Organisation Fund
- $5 million in grants to support regional tourism operators reliant on international tourism.
- Manufacturing investment of $40.5 million for the Making it in Queensland strategy over 4 years.
Get more information
Find out more about what this year’s budget means for you and your clients in the 2020-21 Queensland Budget Papers.Download budget papers