The Queensland 2024-25 State Budget was handed down on 11 June 2024. Here are some highlights:
Queensland’s Big Build
In 2024–25, the government’s $27.1 billion capital program will directly support around 72,000 jobs across the state, with 50,000, or 69%, of these jobs located outside of the Greater Brisbane region. Investments include:
- $16.5 billion for renewable energy and storage projects.
- $150 million Job Security Guarantee Fund to ensure energy workers at existing publicly-owned coal fired power stations and associated coal mines have access to new jobs and training or financial assistance.
- $124.5 million will be delivered towards Works for Queensland projects.
Small business
In the 2024-25 Budget, the government is providing additional funding of $19.7 million over 3 years for the Department of Employment, Small Business and Training to support delivery of the Queensland Small Business Strategy 2024-27. This forms part of a total investment of over $250 million over 3 years to deliver a range of actions, including:
- Additional funding for grants to support businesses to implement workforce solutions.
- Continuation of the $650 rebate on electricity bills for eligible small businesses (co-funded by the Queensland and Australian Governments).
- Assistance to help small businesses recover from natural disaster events, including through wellness coaching and financial counselling.
- Continuation of the small business grants program.
- Expanded access to mentoring and upskilling for Indigenous businesses.
- Access to free training under the Free TAFE program to ensure Queenslanders working in small businesses have the skills they need to succeed and grow.
Tourism
Initiatives supported in the 2024-25 Budget include:
- $15 million over 2 years for the Growing Future Tourism Program to provide financial support to eligible Queensland tourism operators, not-for-profit organisations and local governments to deliver new and enhanced tourism infrastructure or experiences.
- $10 million over 2 years for the Building Bush Tourism Fund to support delivery of the Bush Boost and Queensland’s long term tourism industry strategy.
- $3 million matched by a co-contribution from the Australian Government, to improve the quality of First Nations tourism experiences, deliver a range of initiatives and new events and support employment across Queensland.
Cost of living relief
The government is providing $3.739 billion in new and expanded measures in 2024–25 to support Queenslanders in tackling cost-of-living challenges. This comprises:
- All Queensland households will automatically receive $1,300 off their electricity bills in 2024–25, consisting of an upfront $1,000 Cost of Living Rebate from the Queensland Government and a $300 rebate paid in quarterly instalments from the Australian Government. Vulnerable households will continue to receive the $372 Queensland Electricity Rebate, for a total of $1,672 support in 2024–25.
- Around 205,000 eligible Queensland small businesses will also receive a $650 credit on electricity bills in 2024-25, co-funded by the Queensland and Australian governments.
- A further $33.5 million to the FairPlay vouchers in 2024-25, bringing the total funding to $40 million in 2024–25. This will increase the maximum value of the FairPlay voucher from $150 to $200, and increase the number of vouchers available from 50,000 to up to 200,000.
- $15 million for the School and Community Food Relief Program which will assist children to access food relief from appropriate sources.
- An additional $1.7 million in 2024-25 for the continuation of increased provision of Emergency Relief in communities across Queensland.
- An additional $1.1 million in 2024-25 for the continuation of the Queensland Financial Resilience Program to deliver vital support to people experiencing financial hardship to improve their capacity to manage their personal finances.
Better schools and jobs
The 2024-25 Budget is investing over $1 billion in additional funding over 5 years from 2023–24 to support delivery of a high performing state education system. This includes:
- Additional funding of $203.1 million over 2 years, as part of a total investment of $370 million, to help kickstart the new Good Jobs, Great Training: Queensland Skills Strategy 2024-28 to further strengthen the state’s training system to deliver skills needed to power the economy and provide access to good jobs with better pay for Queenslanders.
- A further 30,000 Free TAFE places in 2024 through to 2026.
- 50% Apprentice and Trainee Rebate, which applies in addition to the exemption of apprentice and trainee wages from payroll tax, will be extended for a further 12 months to 30 June 2025.
Homes for Queenslanders
The government is making a $3.1 billion investment into housing and homelessness initiatives, including:
- $350 million fund to incentivise infill development to support delivery of new housing in the right locations.
- $12.5 million of targeted, needs-based funding for local governments to facilitate strategic planning and updating of their planning schemes.
- $160 million Renters Relief Package to give more households immediate cost-of-living support while new homes are being built, including help to pay bonds and rent.
- Eligibility for the first home concession will be extended to homes with a dutiable value up to $800,000 (up from $550,000 currently), and first home vacant land concession eligibility will be extended to vacant land with a dutiable value up to $500,000 (up from $400,000 currently).
Budget papers can be found here.