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STATE BUDGET UPDATE

Find out what Treasurer Curtis Pitt’s third and last Budget before the next State Election means for you. 


TAX & INSURANCE 

  • WorkCover premiums to stay at $1.20 for 2017-18.


WORKFORCE SKILLING 

  • Continuance of the payroll tax rebate for apprentices and trainees: Employers who hire apprentices and trainees will receive a payroll tax rebate of 50 per cent on their wages in addition to their wages being exempt from payroll tax until 30 June 2018.
  • $50 million to continue the successful Back to Work program and a further $27.5 million over two years to expand Back to Work into South East Queensland.
  • $500,000 towards the First Start Initiative under Skilling Queenslanders for Work which subsidises local councils to employ additional trainees.
  • $10 million over two years to support unemployed individuals to develop employability skills for jobs in demand, job pathway planning and to provide access to training at TAFE Queensland.
  • $129 million over two years towards the Jobs and Regional Growth Fund to assist medium and large businesses to grow and expand.


INFRASTRUCTURE INVESTMENT 

  • $12.8 million over six years towards the Cities Transformation Taskforce to lead the State’s negotiations with the Australian and local governments on the Smart Cities Plan and City Deals.
  • $2.812 billion over the forward estimates towards the Cross-River Rail, with a further $2.6 billion to be committed in future Budgets from Australian Government contributions and the proceeds of commercial funding sources.
  • $200 million over two years towards the Works for Queensland program supporting local governments to undertake job-creating maintenance and minor infrastructure works.
  • $225 million over four years to address Townsville’s long-term water security.
  • $4.9 million towards the construction of the $250 million North Queensland Stadium.
  • $70 million towards the construction of the $498 million Mackay Ring Road project delivered in partnership with Australian Government.
  • $36 million towards the $400 million upgrade to the Ipswich Motorway – Rocklea to Darra.
  • $10 million towards the M1–Gateway Motorway Merge upgrade the at a total cost of $170 million.
  • $18.6 million to construct additional lanes between Mudgeeraba and Varsity Lakes at a total cost of $180 million.
  • $20.9 million over five years to continue work on the Queen’s Wharf Brisbane development. 


ENERGY

  • $916,000 has been committed in 2017-18 for the ecoBiz program, delivered by CCIQ in partnership with State Government.
  • $1.16 billion Powering Queensland Plan:
    • $771 million to provide relief for Queensland electricity consumers by covering the cost of the Solar Bonus Scheme.
    • reopening the gas-fired Swanbank E power station to increase reliable supply.
    • directing Stanwell Corporation to undertake strategies to place downward pressure on wholesale prices.
    • Queensland Gas Action Plan to ensure long-term gas supply for electricity generation.
  • $150 million for the development of strategic transmission infrastructure to support a clean energy hub in North Queensland.
  • $100 million for Burdekin Falls Dam hydro-electric power station.
  • $7.8 million towards ‘Regional Business Support’, supporting regional economies, transition business customers to cost-reflective electricity prices and manage budget impacts for Government.


SME GROWTH & INNOVATION 

  • Additional funding of $15 million is being provided over four years to develop 10-year priority industry roadmaps and action plans to support emerging and priority sectors.
  • Over $10.9 million is being invested in Queensland businesses from the Business Development Fund, which is encouraging venture capital investment in Queensland.
  • A further $10 million is being redirected into the successful Ignite Ideas Fund, with almost $16.5 million invested to date in 118 innovative small firms.
  • $20 million over three years towards the ‘Made in Queensland’ program supporting Queensland’s manufacturing industry increase international productivity and competitiveness.
  • $8.2 million towards the Tourism and Small Business Recovery Package that will allow businesses in cyclone affected areas of the Whitsunday region to access recovery grants.
  • $35 million over five years to deliver 22 initiatives under the Queensland Trade and Investment Strategy 2017-22 to boost exports, attract job-creating investment and strengthen Queensland’s regions. 

Over the coming days, CCIQ will be providing economic analysis of 2017-18 State Budget fundamentals and other useful commentary on key announcements from today.

Click here to see our media response.

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