The 2019-20 Mid Year Fiscal and Economic Review reveals the Palaszczuk Government’s economic plan is working, with continued surpluses and a $50 billion infrastructure investment being achieved despite challenging national and global economic conditions.
Deputy Premier and Treasurer Jackie Trad said MYFER showed that the Palaszczuk Government is creating more jobs in more industries, and delivering infrastructure and services right across the state.
“Since the Palaszczuk Government was elected, more than 223,000 Queensland jobs have been created, including 118,000 full time jobs,” Ms Trad said.
“Over the past year alone, more than half of all new Queensland jobs have been created in regions outside Greater Brisbane.
“We are backing more jobs in more industries, building essential infrastructure and delivering high-quality frontline services that all Queenslanders have come to expect, regardless of where in this great State they live.”
The Deputy Premier said global economic turbulence, the ongoing drought and a slowdown in national economic growth have resulted in challenges including falls in commodity prices and a reduction in the size of the GST pool.
“Despite the resulting revisions to royalties and GST revenue relative to Budget, revenue growth will continue to outpace expenses growth over the forward estimates, bolstering our state’s bottom line,” she said.
“This will build on the Palaszczuk Government’s responsible economic management which has delivered five consecutive operating surpluses.”
Ms Trad said MYFER shows the fundamentals of the Budget and economy remain strong with highlights including:
- A forecast net operating surplus of $151 million in 2019-20 and surpluses totalling $2.122 billion over the forward estimates, despite significant reductions in forecast GST revenue and coal royalties.
- An increased capital program of $51.8 billion over the forward estimates, supporting 41,500 jobs in 2019 20.
- Employment growth in 2019-20 to improve from the Budget forecast of 1¼% to 1½%.
- Forecast economic growth of 2½% in 2019-20, strengthening to 2¾% in 2020-21.
- A reduction in GST revenue from the Commonwealth of $2.5 billion since the 2018-19 Budget, over the three years to 2021-22.
- Savings from the Service Priority Review Office of $715 million in this financial year and $1.365 billion over the forward estimates
Ms Trad said MYFER underpinned the Government’s commitment to deliver the infrastructure, skills, support and services that will help us to manage growth and ensure all Queenslanders can all share in the State’s future prosperity.