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Queensland's Treasurer Jackie Trad to Release Budget Update

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Queensland's Treasurer Jackie Trad to Release Budget Update Queensland's Treasurer Jackie Trad to release budget update Queensland Premier Annastacia Palaszczuk after Monday's Labor Caucus meeting. Dan Peled/AAP by Mark Ludlow Queensland's new Treasurer Jackie Trad will hand down the mid-year budget update next week as part of a push to rebrand the Labor government's economic narrative in the Palaszczuk government's second term in office. With a surge in coal royalties and strong economic growth, the budget update will allow the Treasurer to hit the ground running as she works to reshape the message that lost its way under former treasurer Curtis Pitt. The state's spiralling debt, keeping a rein on government spending (including the size of the public service) as well as fighting for a greater share of goods and services tax revenue at the Council of Australian Governments will all be on the agenda for Ms Trad when she gets sworn in as treasurer at Government House on Tuesday. As part of a major reshuffle of her ministry, premier Annastacia Palaszczuk has elevated second-term MP Steven Miles to the crucial health portfolio. It was announced on Sunday former health minister Cameron Dick will join Ms Palaszczuk's economic team by taking on State Development, Infrastructure and Planning and Minister for Manufacturing, with responsibility for Economic Development Queensland and Queensland Reconstruction Authority. Kate Jones, who was education minister, will be appointed Minister for Innovation, Minister for Tourism Industry Development and Minister for the Commonwealth Games. Ms Jones will also have responsibility for International Education. The other big promotion from Monday's ministerial reshuffle is former industrial relations minister Grace Grace moving into the education portfolio. Mark Bailey, who was the spear carrier for the Palaszczuk government in its push towards a 50 per cent renewable energy target, has lost the energy portfolio which has been given to Natural Resources and Mines Minister Anthony Lynham. Mr Bailey will keep the Transport and Main Roads portfolio. Former minister and leader of the house Stirling Hinchliffe has been welcomed back into Cabinet as Local Government Minister. Ms Palaszczuk received a standing ovation for the ALP's first Caucus meeting in Brisbane on Monday which endorsed dumped treasurer Curtis Pitt as the new speaker of Queensland's 56th parliament. Although Labor scrapped home with 48 out of 93-seats in the new parliament - a majority of two seats - Ms Palaszczuk told Labor MPs they needed to work hard on delivering the party's promises. "We promised the people of this state we would provide decent, good, hard-working government and I need everyone to focus on that over the next three years," Ms Palaszczuk said. The business community is still coming to terms with Ms Trad's appointment to the crucial treasury portfolio, despite her strong performance in parliament and her reputation as a "go-getter" as Deputy Premier, Transport, Infrastructure and Planning Minister. The ministerial re-set after Mr Pitt three budgets in the job has been welcomed, but there are concerns about what the Palaszczuk government will do to fix the state's ailing finances, including debt levels. It is understood Ms Trad received her first briefing from Treasury officials on Sunday. One of Ms Trad's first tasks will be to win over the private sector about the Palaszczuk government's plans to introduce four new taxes from July next year to help pay for the party's election commitments. The Palaszczuk government was labelled sneaky and deceitful over the introduction of the new tax increases which will hit foreign buyers of property, wealthy car owners and gaming companies - not core Labor constituents - two days before November 25 election. Property Council of Australia Queensland director Chris Mountford said he would be seeking an urgent meeting with Ms Trad to dump the new taxes which he says will hurt the property sector. "Our number one priority is tackling the proposed increases to land tax and foreign acquirer duty that were announced during the campaign by Labor. These taxes are a major concern for the property industry," Mr Mountford said. "We will certainly be speaking with the Deputy Premier about how these taxes will hurt jobs and the Queensland economy if they are implemented." The mid-year budget update is also expected to show the state's total debt will come in at less than than $81.1 billion by 2021 as forecast in the June budget, although it is still the highest in the state. It comes as rural MP Deb Frecklington remains the front-runner to win the Liberal National Party leadership ballot to be held in Brisbane on Tuesday. She will take on former LNP leader John-Paul Langbroek and Mark Robinson. Read more: http://www.afr.com/news/politics/queenslands-treasurer-jackie-trad-to-release-budget-update- 20171211-h02byx#ixzz50zjX3IhY Follow us: @FinancialReview on Twitter | financialreview on Facebook .
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