- The Mid-Year Fiscal and Economic Review outlines results broadly in line with Budget expectations.
- The Crisafulli Government is restoring respect for Queenslanders' money through responsible and disciplined expenditure management.
- The Crisafulli Government is delivering a fresh start and a better lifestyle through a stronger economy.
The Crisafulli Government has today released the 2025-26 Mid-Year Fiscal and Economic Review (MYFER), with results closely aligning with Budget forecasts.
Queensland's debt is estimated to be $146.9 billion by June 2026, $910 million lower than forecast in the 2025-26 Budget, and $204.9 billion by June 2029, $761 million lower than the $205.7 billion forecast in the Budget.
Under the former Labor Government, total debt was forecast to hit $218 billion by 2027-28, almost $40,000 for every man, woman and child in Queensland, the worst per capita debt burden of any state in the nation.
Treasurer David Janetzki said the Crisafulli Government's first Budget laid the foundation to budget repair, with MYFER revealing that plan remained on track.
"We promised a calm and methodical approach to begin the challenging task of budget repair, while bringing forward investments to address the health, housing, crime and cost of living crises facing Queenslanders," Treasurer Janetzki said.
"Labor's decade of reckless fiscal mismanagement left a credit rating downgrade highly likely, even inevitable but the MYFER shows we have been disciplined as we take the next step on the long journey to fiscal repair."
This year's updated forecast operating deficit is $8.968 billion, a modest increase from the $8.581 billion deficit projected in June.
Bottom line improvements continue to be forecast across the forwards, with a reduced deficit of $1.048 billion projected for 2028-29, a small improvement from the $1.086 billion Budget forecast.
Strength in the property and labour markets and modest increases in national GST collections have driven a net $1.053 billion (0.5 per cent) increase in key state revenues across the forwards, offsetting near-term reductions in royalty projections largely due to the exchange rate.
The 0.2 per cent expenses increase in 2025-26 is the smallest Budget-to-MYFER change since the pandemic and well below the average 2.5 per cent rise in the past four mid-year updates, demonstrating the Crisafulli Government's fiscal discipline.
Additional funding to deliver on enterprise bargaining outcomes reached since Budget and funding for key initiatives including Queensland's share of the joint Commonwealth-State investment to support the future of Mount Isa and North-West Queensland is reflected in the MYFER forecasts.
Minister for Finance, Trade, Employment and Training, Ros Bates, said the Crisafulli Government was restoring respect for Queenslanders' money through responsible and disciplined expenditure management in the MYFER.
"After a decade of decline under Labor, the MYFER demonstrates that the Crisafulli Government is delivering the plan we outlined in the Budget and restoring respect for taxpayers' money," Minister Bates said.
"Unlike Labor's reckless financial mismanagement, which saw expenses rise by an average of 2.5 per cent between each Budget and MYFER in their last four years, the Crisafulli Government is being responsible and disciplined with expenses growth of just 0.2 per cent this year since the Budget."
The Crisafulli Government's focus on economic development, productivity and being open for business is beginning to pay dividends, with Queensland's Gross State Product growth in 2024-25 and domestic growth in the September quarter the highest of all Australian states.
Given stronger than expected inflation in the September 2025 quarter, Brisbane year-average CPI growth is now expected to be 4 per cent in 2025-26, easing to 2¾ per cent in 2026-27, with wage growth forecasts also upgraded.
The Crisafulli Government's record $8.5 billion in ongoing concessions and cost of living support includes the new $100 Back to School Boost to benefit families with primary school aged children from next month.
The MYFER also delivers Budget commitments including reforms to support increased property investment and the launch of Boost to Buy.
The 2025-26 Mid-Year Fiscal and Economic Review is available at www.treasury.qld.gov.au .
