2021-22 budget shows Queensland’s Economic Recovery Plan is working

JOINT STATEMENT

Queensland’s health response to COVID-19 and its strong plan for economic recovery sees the state now leading the nation for jobs and growth.

That’s the message from Premier Annastacia Palaszczuk with the release of the 2021-22 budget update to Queensland’s COVID-19 Economic Recovery Plan.

“We put the health of Queenslanders first, and because of that we’re in the best possible position to create more jobs for those same Queenslanders,” the Premier said.

“Our health response to the pandemic now sees Queensland’s economic recovery leading the nation and the envy of the world, and we’re making critical investments to capitalise on our position.

“When we developed our Unite and Recover strategy last year to combat the pandemic, we knew it was going to be an evolving, encompassing approach that would guide us for years.

“This new budget update to Queensland’s Economic Recovery Plan shows we’re getting the results Queenslanders deserve, and now we’re ready to invest further in the next phase of our plan.”

Treasurer and Minister for Investment Cameron Dick said Queensland’s COVID-19 Economic Recovery Plan budget update would make crucial investments in jobs, skills, industry and businesses.

“Our updated economic recovery plan features a new $3.34 billion jobs fund that takes our total Unite and Recover investment to more than $14.2 billion,” Mr Dick said.

“We’re tightening our focus on growth sectors like renewable energy and hydrogen, and recommitting to highly successful programs such as Skilling Queenslanders for Work.

“Protecting our health, creating jobs and working together will see Queensland continue to thrive and overcome any challenges we may face in the years ahead.

“This economic recovery plan, this budget, will ensure Queensland continues to be the place to be.”

Statistics from the economic recovery plan budget update highlight Queensland’s nation-leading success in managing the impacts of COVID-19:

  • Employment in Queensland has risen 253,200 since the depth of the COVID-19 crisis in May 2020, a greater rebound than any other state or territory
  • More Australians than ever before want to call Queensland home, with a net interstate migration increase of around 30,000 people in 2020
  • Queensland has faster domestic economic growth than the rest of Australia, with state final demand up 3.0 per cent since the March quarter 2020
  • Queensland’s workforce participation is leading the country, with labour force participation up 4.7 percentage points since May 2020
  • Real household consumption in Queensland has grown faster than the rest of Australia, up 3.3 per cent since the March quarter 2020.
  • Queensland has seen faster retail trade growth than the rest of Australia since the March quarter 2020, with real retail turnover up 6.2 per cent

The state’s housing sector has also reached new heights, boosted by targeted support programs to help more Queenslanders purchase a new home.

“This includes our $15,000 First Home Owners’ Grant, which has attracted record interest, the $5000 Regional Home Building Boost Grant announced as part of our Unite and Recover strategy last year, and the Australian Government’s HomeBuilder initiative,” Mr Dick said.

Since the beginning of the pandemic Queensland has set the pace in Australia for dwelling investment, approvals and home lending.

“Together the First Home Owners’ Grant and the Regional Home Building Boost have seen our government pay $162 million to more than 11,400 Queensland applicants this financial year alone, which is boosting our housing supply and creating more jobs.”

Mr Dick said the priorities of Queensland’s Economic Recovery Plan – safeguarding health, backing small business, making it for Queensland, building Queensland, growing the regions, and investing in skills – will remain focuses of the Palaszczuk Government for the years ahead.

“We took our Unite and Recover Economic Recovery Plan to last year’s election, and Queenslanders overwhelmingly backed our vision for the future of this state,” he said.

“With the 2021-22 budget we’re keeping this plan powering ahead, to create more jobs in every Queensland community.”

The 2021-22 budget update of Queensland’s Economic Recovery Plan can be found at budget.qld.gov.au.

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