Date posted: 02/12/2020

QLD State Budget 2020-21 unveiled

The main objective of this year’s budget is to create more jobs for Queenslanders

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. 

Qld State Budget Infographic

Key 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

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