- Labor’s budget is nothing but a con
- The state’s debt will crack $80 billion dollars for the first time in history despite the $10bn in raids and rip-offs that were a hallmark of last year’s budget.
- Labor sells-out Regional Queensland in favour of shoring-up inner-city votes
Liberal National Party Leader Tim Nicholls has labelled Labor’s state budget as one of the greatest cons in the state’s history.
Mr Nicholls said Queenslanders were promised a jobs bonanza but unemployment was forecast to be higher for longer.
“This budget is a con – it is full of rubbery figures and accounting trickery,” Mr Nicholls said.
“What is more staggering is the fact the state’s debt will crack the $80 billion dollar mark for the first time in history, despite the $10 billion in raids and rip-offs that were the hallmark of Labor’s budget last year.
“What have they got to show for it? Nothing.
“For Queenslanders, this means $15,795 of debt for every man, woman and child living in this state – that is an increase of $1142 per person.”
LNP Deputy Leader Deb Frecklington said Regional Queenslanders would continue to be starved of vital infrastructure projects under this incompetent Labor Government.
“This is a government that promised to invest in infrastructure, but underspent on infrastructure by $1.7 billion last year – that is on top of the $2 billion underspent in 2015-16,” Ms Frecklington said.
“Infrastructure spending over the next four years is still going to be half a billion dollars lower than what the LNP was set to deliver.
“This do-nothing Labor Government continues to starve Regional Queensland of vital infrastructure investment – they have essentially sold out Regional Queenslanders.
“Labor always promises the world but never delivers.
“Once again Regional Queensland will miss out on its fair share in favour of securing inner-city votes.”
Shadow Treasurer Scott Emerson said business investment went backwards yet again under Labor last year, and is forecast to stay flat this year.
“The Palaszczuk Government has hurt confidence and this is the result,” Mr Emerson said.
“Unemployment is going to remain above six per cent and higher than the national average over the coming years.
“Employment growth for the coming year has almost halved in just six months. Employment growth is going to be weaker than expected next year as well.
“Economic growth has also been revised down across multiple years.”
Key Budget Points:
- Economic growth is lower under Labor than the LNP (2017 2.75% vs 3.5%).
- Unemployment to remain above 6%.
- Less jobs forecast to be delivered, with employment growth being revised down.
- Debt is increasing by $8.2 billion to over $81 billion – first time in QLD history it is over $80 billion.
- Debt is $15,795 for every man, woman and child in 2020. An increase of $1,142 over the next 4 years.
- Employee expenses are $5.7 billion higher than last year’s budget.
- Failed to deliver $1.7 billion of infrastructure Labor promised in 2016/17.
- Have cut $546 million from the LNP’s infrastructure budget.
- Profits from electricity generators have nearly doubled under Labor, nearly $700 million higher under Labor.
Growth Gross State Product (Real)
- Growth is down, and below the long run average.
- QLD economy only grew by 2.75% not the 4% predicted by Labor.
- Predicted growth in 2017/18 is 2.75% not 3.5% predicted in last year budget.
- Flat at 3% over the forward estimates.
- Debt increasing to $81.1 billion in 2020/21.
- It was $72.9 billion in 2015/16.
- Debt is $71.9 billion in 2017/18.
- Surplus of $2.8 billion in 2016/17 due to coal royalties not good management.
- Surplus of $146 million in 2017/18 very skinny surpluses over the forward estimates.
- Fiscal surplus in 2016/17 $868 million.
- Fiscal deficit 2017/18 of $2.4 billion, deficits over the forwards all over $2.5 billion.
- Increasing from $33.9 billion in 2016/17 to $41.2 billion in 2020/21.
Gross State Product (Nominal)
- 11.75% in 2016/17 not the 6% predicted (presume this export boom but will check by next update).
- Growth numbers have been revised down from previous budget across the forward estimates.
- Unemployment rate projections to remain at 6% across the forward estimates. 6.25% in 2017/18 not the 6% predicted.
- Less jobs created than projected (actual growth in 2016/17 was 1.25% not the 1.75% predicted).
- Employment growth revised down across the forwards, only 1% this year compared to a predicted 1.75%.
- Wage growth will be less than predicted across the forward estimates.