Queensland treasurer promises targeted cost-of-living relief in first budget

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a day ago

Queensland Treasurer David Janetzki is promising cost-of-living relief for those who "need it most" as he prepares to hand down the LNP government's first budget.
In an interview with the ABC, Mr Janetzki would not guarantee a return to surplus within the next four years and was also coy about how much he would cut debt.
The treasurer will deliver the state budget on Tuesday — and has indicated he could unveil more cost-of-living support, as he commits to targeted relief measures.
A raft of pre-election initiatives introduced by the former Labor government are set to end, including $1,000 energy bill rebates and 20 per cent vehicle rego discounts.
Mr Janetzki said "vulnerable" households will still get power bill reductions.
He also spruiked $30,000 concessions for first home buyers purchasing new builds as well as $200 vouchers for parents with kids playing sport.
"We have a duty to support households that are under pressure, families that are under pressure, businesses that are under pressure," he said.
"We're targeting cost-of-living relief at those who need it the most and I'll have more to say about that on Tuesday."
In their last budget in office, Labor had projected deficits for 2024-25 and 2025-26, before forecasting surpluses for 2026-27 and 2027-28.
But in the budget update handed down in January, the LNP government significantly revised those forecasts, with the budget plunged into the red for all four financial years.
This included deficits of more than $9 billion in both 2026-27 and 2027-28, which the government blamed on its Labor predecessors.
Mr Janetzki would not guarantee a return to surplus within the next four years, as he claimed he was left with a "serious challenge" to get the budget back in the black.
"There are serious challenges that we face with the budget. We're up to it and I look forward to sharing more on Tuesday," he said.
After Labor had initially projected total debt would reach $172 billion by 2027-28, the LNP government also significantly revised that figure to $218 billion in January.
Mr Janetzki is vowing to reduce total debt below $218 billion, but won't say if the debt figure in Tuesday's budget will still have a two at the front.
He said he was doing everything he could to maintain the state's credit rating.
S&P Global currently puts Queensland's credit rating at AA+, although it revised its outlook in February from stable to negative.
"The work of this budget has been taken so seriously because our rating matters," Mr Janetzki said.
"And I want to make sure that we have prepared a budget and can share that budget with the ratings agencies that they see clearly that we have taken the challenges that Queensland faces seriously.
"We know a downgrade means higher interest costs. The cost of borrowing increases."
Mr Janetzki ruled out any asset sales or any cuts to services. He also reaffirmed the government's commitment of no new or increased taxes.
In January, Shadow Treasurer Shannon Fentiman claimed the government had "juiced up" the budget figures in a way that could put the state's credit rating at risk.