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Queensland Budget 2024-25

An election budget that calls for long-term vigilance

June 2024


Budgets handed down in an election year are always a pitch to voters. The 2024-25 Queensland Budget sees the Government sacrifice its surplus for a cost-of-living package targeting electricity, car rego and public transport fares. However, there are questions about its overall effectiveness and the long-term fiscal outlook.
 
While the cost-of-living measures will reduce technical inflation to 2% over 2024-25, this is expected to bounce back up to 3.25% in 2025-26 – as soon as the subsidies end.
 
Rising project delivery costs also risk the projected return to surplus, with a $27 billion annual capital spend exposed to a trend of cost overruns – averaging 9.5% over the past two years.

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