I am pleased to deliver the 2022–23 Annual Report for Queensland Treasury.
In a year that has seen inflationary pressures drive cost of living challenges across the nation, Queensland Treasury has remained firmly focused on its vision to create a strong economy for all Queenslanders.
One of our key accountabilities is delivering the Queensland Budget, which for 2023–24 included more than $8.2 billion in cost of living relief concessions and an $89 billion public infrastructure program. This infrastructure commitment 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.
Against a backdrop of high commodity prices, as announced in the 2022–23 Budget, we implemented and administered three additional coal royalty tiers. This has produced a substantial improvement in Queensland’s 2022–23 net operating balance bringing it to a surplus of $12.305 billion.
From this solid fiscal position, we have been able to support delivery of the government’s priorities, providing expert advice and services to help address some of Queensland’s most pressing issues and position the state for sustainable growth.
Across the year, we collaborated with partner agencies to develop policy and funding responses to address the range of housing challenges being experienced by Queenslanders, including through the Queensland Housing Summit. We supported an increased supply of affordable rental housing, securing agreements under the first round of the Build-to-Rent Pilot Projects to deliver around 750 apartments with up to 240 dwellings provided at a discounted rent. We also developed, in consultation with industry, a package of tax concessions to support further investment in Build to Rent developments.
Housing has been a clear focus for all Australian governments, and we worked with the Commonwealth and other states and territories to agree a new National Housing Accord. We have also influenced national policy to address growth in demand for health and ambulance services by identifying reform opportunities in funding agreements and look to secure the right skills for the future through negotiation of a long-term National Skills Agreement.
We continued to play a pivotal role in supporting investment across Queensland, delivering a range of market engagement programs including the inaugural Investor Showcase and the $520 million Invested in Queensland program. We worked to support emerging industries, designing and launching the $100 million Queensland Critical Minerals and Battery Technology Fund in partnership with Queensland Investment Corporation. This fund will support Queensland industry to access national and global supply chains in metal refining, mineral processing, battery manufacturing and advanced materials.
Continuing its drive to collect debt owed to Queenslanders, Queensland Revenue Office delivered $400 million via State Penalties and Enforcement Registry (SPER).
Treasury supported whole-of-government and agency-led reform by collaborating to identify, prioritise and deliver opportunities to support economic growth and drive public sector improvement. This included the implementation of an updated whole-of-government superannuation policy, providing greater security to Queensland public sector employees in retirement.
On the home front, Queensland Treasury has continued to invest in its people and expanded its commitment to inclusivity. Our professional and capable workforce and strong value proposition has ensured strong recruitment including through a record graduate program.
With parliament passing the historic Path to Treaty Act 2022, Treasury stands committed to treaty readiness towards achieving economic, social, cultural and environmental benefits for Aboriginal peoples, Torres Strait Islander peoples and the Queensland community generally. On Treasury’s journey in reframing the relationship with First Nations peoples, Treasury appointed its inaugural Executive Champion for First Nations. We also established a First Nations peer network and commissioned a First Nations artwork representative of our organisation that will be incorporated—along with its message of reconciliation—across our organisation in the year ahead.
Looking forward, Queensland Treasury will continue to work towards a strong economy for all Queenslanders and ensure we deliver the expert advice that allows government decision-makers to deliver on the issues that matter to Queenslanders. This year’s Budget and the workings of the department attest to an organisation truly delivering for Queenslanders all across the state.
Maryanne Kelly
Acting Under Treasurer