Our performance

Treasury informs, supports and enhances the Queensland Government’s decision making through expert economic analysis, policy advice and forecasts, including revenue, regulatory and productivity advice. We do this by:

• providing robust and reliable advice on the performance and outlook for the state’s economy, including economic and revenue forecasts for the Queensland Government
• providing economic policy leadership to drive innovative policy solutions across government to promote economic growth, boost productivity and improve regulation in Queensland
• providing expert statistical and data analytics services to support Queensland Government policies, programs and service delivery decisions.

Economics and productivity aligns to our strategic objectives, Grow the Queensland economy and create jobs, and Drive public sector improvement.

Through economic leadership and expertise, Treasury has continued to support the government in driving the state’s strong economic and labour market performance. Treasury has provided economic analysis, modelling and policy advice on current national and state challenges including cost of living and housing affordability. This has helped inform the Queensland Government’s economic policy response, which has included substantial business and household support initiatives.

Treasury has also played a key role in providing economic analysis and policy advice to inform longer-term initiatives that aim to drive future growth in line with the government’s economic strategy, as outlined in the 2023–24 Queensland Budget.

Policy advice

Throughout 2022–23, Treasury led and collaborated with other Queensland Government agencies on a range of policy areas including:

• ongoing development and implementation of initiatives supporting the whole-of-government economic strategy
• advising on The Queensland Government Guide to Better Regulation to support regulatory processes across government
• developing and implementing a package of tax concessions to support Build-to-Rent developments that increase supply of rental housing, including through the provision of dwellings at discounted rents.

In 2022–23, Treasury released population projections for the state and its regions to inform service delivery and infrastructure planning. The Queensland Government Statistician’s Office continued to conduct official surveys to inform policy and government services.

In 2022–23, Treasury played a critical role in driving public sector improvement to improve efficiency in government services including:

• administering the government’s regulatory review requirements to ensure regulation is necessary, well-designed and fit-for-purpose
• supporting investment in service delivery and infrastructure planning.

Treasury drives the long-term sustainability of Queensland’s fiscal position by implementing budget strategies and applying financial risk management and accountability oversight. We support government priorities through providing expert advice, policy development and disclosure of whole-of-state budget and financial statements. We do this by:

• preparing the Queensland Budget
• monitoring whole-of-government expenditure
• preparing whole-of-government financial reports and accounts
• managing the balance sheet and having oversight of the state’s interests
• managing the state’s financial risks.

In a continuing challenging environment the strength of Queensland’s economy and fiscal position remains resilient.

Fiscal aligns to our strategic objective, Deliver fiscal sustainability

2022–23 Budget Update

The 2022–23 Budget Update (the Update) provided an overview on Queensland’s economic and fiscal position since the 2022–23 Queensland Budget. It reported a record $5.2 billion surplus forecast for 2022–23, largely driven by higher royalties on the back of a temporary surge in global coal prices. The Update committed $3 billion to invest in future regional projects and a $1 billion equity injection into government-owned corporations to support job-creating regional infrastructure projects.

2023–24 Queensland Budget

The strength of the Queensland economy and continued high commodity prices resulted in further upward revisions to revenue in the 2023–24 Queensland Budget (the 2023–24 Budget). These conditions have produced a substantial improvement in Queensland’s 2022–23 net operating balance, from a deficit of $1.029 billion in the 2022–23 Budget to a surplus of $12.305 billion, the largest in Queensland’s history.

The surplus in 2022–23 will see the General Government Sector borrowing $11.8 billion less in that year than anticipated in the 2022–23 Budget. This has provided the opportunity to fund the state’s record $89 billion 4-year capital program while maintaining debt at sustainable levels. General Government Sector debt in 2025–26 remains $2.2 billion lower than forecast in the 2022–23 Budget.

The government’s $89 billion program of public infrastructure investment reflects the challenges and opportunities associated with decarbonising the state’s energy system, expanding the capacity of the health system, ensuring Queensland’s water security, and preparing to host the Brisbane 2032 Olympic and Paralympic Games.

Budget priorities included significant cost of living relief measures providing more than $8.2 billion in concessions in 2023–24 of which $1.6 billion are new or expanded measures. These include $1.483 billion for additional electricity bill support to households and small businesses.

The 2023–24 Budget continues to invest in essential services including $25.8 billion in total health funding and $21.1 billion in total education and training funding in 2023–24.

Superannuation

From 1 July 2023 the Queensland Government is simplifying its employer superannuation contribution arrangements to 18 per cent of salary for police officers, 14.25 per cent for fire service officers and 12.75 per cent of salary for other employees, with contributions to be paid on ordinary time earnings.

Financial Provisioning Scheme

The Financial Provisioning Scheme manages the state’s financial risk of small miners and resource sector holders of an environmental authority not meeting their rehabilitation obligations under the Environmental Protection Act 1994. This includes undertaking a Risk Category Allocation assessment of assessable environmental authorities and managing the Financial Provisioning Fund and surety held on behalf of the state. More information can be found in the Scheme Manager’s Financial Provisioning Scheme Annual Report, available on Queensland Treasury’s website.

Queensland Treasury informs and supports Queensland Government public policy development and implementation and line agency performance through expert economic, fiscal and policy analysis, and advice. We do this by:

• providing robust and rigorous economic and fiscal policy, and modelling advice to line agencies to inform and drive the development of policy, budgets and reform across government
• collaborating and partnering with line agencies to monitor policy and performance, including for expenditure and programs
• engaging with the Australian, state and territory governments on federal financial relations and interjurisdictional policy matters.

Agency performance aligns to our strategic objective, Drive public sector improvement.

Throughout 2022–23, Treasury collaborated with other Queensland Government agencies on a range of policy areas including:

• negotiating approval for funding agreements with the Australian Government and engaging on interjurisdictional policy matters
• working with Queensland Health to address growth in demand for health and ambulance services and identify reform opportunities particularly in funding arrangements
• supporting the development of the government’s response to the Queensland Women’s Safety and Justice Taskforce, Hear her voice – Report Two – Women and girls’ experiences across the criminal justice system
• working with the Department of Energy and Public Works, the Department of State Development, Local Government, Infrastructure and Planning and the Queensland Reconstruction Authority to develop and implement the Resilient Homes Fund
• working with the Department of Youth Justice, Employment, Small Business and Training to negotiate a long-term National Skills Agreement with the Australian Government to replace the existing National Agreement for Skills and Workforce Development
• working with the Department of Youth Justice, Employment, Small Business and Training to support the development of the government’s Youth Justice Investment package to tackle the complex causes of youth crime, and to support community safety.

In 2022–23, Treasury played a critical role in public sector improvement to improve efficiency in government services including:

• working with the Department of Transport and Main Roads to deliver a sustainable capital program, priority capital projects, public transport services and freight support packages
• supporting the development and implementation of betting tax reforms to provide a guaranteed funding stream for Queensland’s racing industry.

To support a stronger economy, Treasury is focused on structuring commercial opportunities and activities to support productive investment in Queensland. Treasury manages existing and new assets, investments, financial and commercial risks, and provides robust financial and commercial advice to the Queensland Government. To benefit Queensland, Treasury attracts and facilitates investment opportunities that provide enduring economic benefit. We do this by:

• providing expert advice on financial and commercial aspects of the state’s infrastructure and strategic investments
• leading the state’s partnership with the private sector on significant commercial transactions
• attracting and managing private sector proponents and investors and developing investment pathways
• supporting major private sector investment by providing tailored project facilitation services and coordination across government and key project stakeholders
• leading the management of the state’s investment in government-owned corporations, providing expert advice to the Treasurer as shareholding minister.

Commercial and Investment aligns to our strategic objective, Grow the Queensland economy and create jobs

During 2022–23, Treasury actively engaged in commercial and investment opportunities, generating over 2,690 jobs and $1.115 billion in capital investment.

Notable achievements include:

• delivering the $520 million Invested in Queensland program by contracting with 11 recipients to date creating 2,236 direct jobs and leveraging over $900 million in capital expenditure
• designing and launching the $100 million Queensland Critical Minerals and Battery Technology Fund in partnership with Queensland Investment Corporation, to support Queensland industry to access national and global supply chains in metal refining, mineral processing, battery manufacturing and advanced material
• designing and launching the $75 million Queensland Venture Capital Development Fund in partnership with Queensland Investment Corporation which seeks to accelerate, develop and enhance the venture capital industry in Queensland
• progressing the development of the Queensland Resources Common User Facility in Townsville to support pilot and demonstration scale trials of processing methods and technologies for critical minerals and rare earth elements
• administering the $4.5 billion Renewable Energy and Hydrogen Jobs Fund to allow government-owned corporations to increase ownership of renewable energy and hydrogen projects and supporting infrastructure, including in partnership with the private sector
• working with partner agencies to release the Queensland Energy and Jobs Plan, to deliver infrastructure and drive more investment in renewable energy, create more jobs, and meet renewable energy targets.

Queensland Revenue Office (QRO) administers state taxes and royalties, as well as some grants, fines and penalty debt. We do this by:

• delivering simple, efficient and equitable revenue management services
• ensuring the integrity of the state’s revenue base through a robust compliance program
• collecting penalty debt owed to the state through the State Penalties Enforcement Registry (SPER)
• administering home owner and home builder grants
• administering and collecting certain fines for camera detected and tolling offences on Queensland’s roads.

Revenue management aligns to our strategic objective, Deliver fiscal sustainability

In 2022–23 QRO administered $35 billion in revenue, with key revenue sources including duties, payroll tax, betting tax and land tax, as well as mining and petroleum royalties.

In 2022–23, QRO’s debt management centres contacted more than 258,000 debtors and collected $209.9 million in payments. QRO also achieved a strong increase in audits and investigations, resulting in more than $150 million in revenue being assessed. SPER delivered record collections of $410 million in 2022–23; $115 million more than the previous year.

Targeted SPER field enforcement activities such as vehicle immobilisation and seizure increased in 2022–23 to
325 immobilisation and 360 seizures.

During 2022–23, QRO paid more than 7,800 home owner and home builder grants totalling $112.37 million. These grants assist Queenslanders to get into their first home sooner.