Background
The 2023-24 State Budget was announced by the Palaszczuk Government on 13 June 2023. Leveraging strong recent economic performance and a record windfall in resource royalties, a net operating surplus of $12.3 billion has been forecast for 2022-23. The surplus also reflects continued economic growth of 2% in 2022-2023, which is expected to strengthen to 3% in 2023-24 and 2024-25.
With most Queenslanders facing growing cost of living pressures, the budget has focused on relief measures, delivering a $1.6 billion cost-of-living package. Improved housing and community safety services have also been targeted, while a 9.6% increase in health spending has also been approved.
Continuing the investment in the Good people. Good Jobs: Queensland Workforce Strategy 2022-2032, current training and labour market programs were continued.
Industry Relevant Budget Announcements
Encouraging installation of vehicle immobilisers
$10 million for a trial to subsidise the cost for Queenslanders to install vehicle immobilisers in Cairns, Townsville and Mount Isa. For more information on the trial, including how to get involved, click here.
Payroll Tax for Apprentices and Trainees
The Government has extended the 50% payroll tax rebate on the exempt wages of eligible apprentices and trainees for another 12 months until 30 June 2024.
Electricity Rebate for Small Business
Approximately 205,000 eligible small businesses will receive a $650 rebate on their electricity bills.
Cyber Security Support for Small and Medium Business
$5 million over two years has been directed to cyber security support initiatives for small and medium businesses.
Critical Minerals and Battery Fund
$100 million to establish the Queensland Critical Minerals and Battery Fund to support the development of battery technology – including Electric Vehicle batteries.
Zero Emission Vehicle Strategy 2022-2032 and Action Plan 2022-2024
$22.5 million towards increasing the Electric Vehicle rebate to $6,000 for Electric Vehicles priced under $68,000.
Regional Payroll Tax Discount
An extension of the one per cent discount on the payroll tax rate for eligible regional small businesses until 30 June 2030.
Women in Trade Apprenticeships Mentoring Program
Additional funding of $4.6 million over 2 years to support women undertaking a trade apprenticeship to provide them with networking and mentorship opportunities.