Queensland budget 2018: winners and losers


Updated

June 12, 2018 16:04:12

Drivers, home buyers, job seekers and the waste industry — explore our guide to who benefits and who takes a hit in Jackie Trad’s first state budget.

Winner: schools

Nearly 60 state high schools will share in $250 million to expand classroom space over the next two years.

The Government’s also promised to build four new schools, including Fortitude Valley and Dutton Park, at a cost of $808 million over four years.

There’s also $85 million in the education budget to redevelop TAFE campuses across the state.

Loser: Queensland’s debt

The Government is paying off more debt than previously planned, so total government debt will be lower than forecast in the short term.

Despite this, in four years’ time it’s set to hit $83 billion, in part to pay for the infrastructure being built with the $45.8 billion capital works budget.

Treasurer Jackie Trad insists the Government is being responsible with its borrowing, and needs to build now to prevent an infrastructure backlog.

Winner: infrastructure

Brisbane’s Cross River Rail is getting its biggest chunk of money to date, with $733 million set aside for the $5.4 billion project.

With no federal money on offer, the State Government’s committed to paying for the whole thing itself.

The long-awaited duplication of the Sunshine Coast rail line gets $161 million.

That’s enough to start work but there will be jostling with the Federal Government before the project’s fully funded.

There’s also $487 million over four years for upgrades to the M1 on Brisbane’s south and on the Gold Coast.

Loser: first home buyers

The first home owner’s grant was boosted from $15,000 to $20,000 in 2016 and has been extended a couple of times.

But the budget confirms that that bigger grant boost won’t be extended past the end of this month, instead returning to $15,000.

Loser: drivers

Government fees and charges are going up by 3.5 per cent from July 1, you’ll notice when you pay your car registration or cop a speeding fine.

After June 2019 the Government says it will keep these fees in line with inflation.

The Government’s still expecting to get a lot more money from lead-footed drivers though.

It has set aside money for the technology to combine red light and speed cameras, and expects to be raking in an extra $28 million in speeding fines next year alone.

Loser: the unemployed

Queensland’s jobless rate is forecast to climb to 6.25 per cent — that’s higher than the Government had previously forecast.

It’s also expected to stay stubbornly high at about 6 per cent for years to come.

The Treasurer blames an influx of interstate workers for the higher rate, but says her infrastructure spending will support 38,000 jobs this year.

Winner: health

Health is the biggest department and spending goes up every year so governments always get to boast about “record health spending”.

This year’s health budget is $17.3 billion — up more than $700 million.

There’s $985.5 million for capital works including upgrades to Logan, Ipswich, and Caboolture hospitals.

Frontline health staff will also get a boost with 100 new ambulance officers next financial year, as well as more nurses and midwives.

Loser: luxury car buyers, gamblers and foreign property investors

Labor warned these taxes were coming at the election and now they’re kicking in.

Looking to buy a Lamborghini? You’ll need a little extra because the Government’s raising the duty on cars valued over $100,000 by 2 per cent.

With more people gambling online and with interstate companies, the Government will apply a 15 per cent tax on online betting.

Trusts and owners with holdings over $10 million will be hit with a 0.5 per cent increase in land tax.

Foreign property investors will be charged more too, with the foreigner acquirer duty increasing from 3 per cent to 7 per cent.

Loser: waste industry

The Government’s bringing back a waste disposal levy from early next year that it expects will rake in about $400 million a year and deter companies dumping rubbish in Queensland.

It insists councils won’t pass on the cost to ratepayers because it’s paying them $32 million upfront to compensate them.

However $100 million raised will also be directed to projects to encourage businesses and councils to turn waste into energy.

Winner: business

Payroll tax rebates will be kept at 50 per cent for another year at a cost to taxpayers of $26 million.

An extra $50 million for the Advance Queensland program will help fund a Fortitude Valley start-up hub and artificial intelligence, robotic and drone technology.

Winner: arts

Brisbane’s Queensland Performing Arts Centre will get a new theatre to ease pressure on the centre at a cost of $125 million.

Topics:

government-and-politics,

federal—state-issues,

parliament,

state-parliament,

states-and-territories,

budget,

qld

First posted

June 12, 2018 14:06:54



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