The Hon. Cameron Dick MP Treasurer Minister for Infrastructure and Planning

Home , Cameron Dick, Curtis Pitt, Queensland Government, Tim Mander

The Hon. Cameron Dick MP Treasurer Queensland Government Minister for Infrastructure and Planning

1 William St Brisbane GPO Box 611 Brisbane Queensland 4001 Australia Telephone 07 3719 7200 Email [email protected] Website www.treasury.qld.gov.au

ABN 90 856 020 239 18 June 2020

The Honourable Curtis Pitt MP Queensland Legislative Assembly Speaker of the Legislative Assembly Number: , Queensland Parliament Alice Street Tabled [Zf BRISBANE QLD 4000 J© 3 AUG 2820 Email: [email protected] Clerk's Signature: ______Dear Mr

I wish to draw your attention to a matter of privilege concerning statements m'acle in the House on 16 June 2020 about Queensland debt and the Queensland Budget by the Member for Everton.

I submit that in making these statements, the Member deliberately misled the House is in contempt of the Parliament, in breach of Standing Order 266 of the Standing Rules and Orders of the Legislative Assembly (Standing Orders).

In particular, the Member for Everton, in speaking on a matter of public interest, made the following statements:

Queensland is still the only state without a budget

and

Before the coronavirus, this state had ...the highest debt level in the country.

These statements are incorrect, and I believe the Member knew the statements to be incorrect when he made them.

Regarding the first statement, all Australian jurisdictions have delayed the preparation and delivery of their 2020-21 budgets in response to COVID-19, including the Commonwealth Government. No government has delivered a budget. At this time, the Commonwealth Government will be the first government to deliver a budget, which will occur on 6 October 2020. Therefore, for the 2020-21 financial year, no jurisdiction will ‘have a budget’ until 6 October 2020. It is therefore incorrect to for the Member to assert that 'Queensland is the only state without a budget’.

Moreover, far from Queensland being ‘the only state without a budget’, I announced on 19 May 2020 that Queensland would deliver a COVID-19 Fiscal and Economic Review (C19-FER) in September, to the same standards used for the annual Mid-Year Fiscal and Economic Review (MYFER). The C19-FER will include the core elements of a budget, namely an Appropriations Bill, which was passed by the Parliament on 22 April 2020, a statement of the financial position, and Parliamentary Scrutiny, with the Premier and I making ourselves available to appear before the Economics and Governance Committee. 2

Regarding the second statement, the claim of the Member for Everton is incorrect, whether his definition of debt is net general government debt, total general government debt or total non-financial public sector debt. On 19 May 2020 I made a ministerial statement that noted;

Queensland is in the envious position of having fully funded public superannuation liabilities and lower net debt than New South Wales or Victoria.

. In response to a subsequent question without notice from the Member for Burleigh, I noted that, as of the 2019-20 mid-year economic updates for all Australian jurisdictions:

[GJeneral government borrowings were at $38 billion, $5 billion below the peak of $43 billion under the LNP in 2014-15, $15 billion below Victoria general government borrowings, $18 billion below New South Wales general government borrowings and $645 billion lower than Commonwealth general government borrowings.

To the best of my recollection, the Member for Everton was in the chamber when I made this statement.

It is also a matter of public record that Queensland’s non-financial public sector debt was $77.9 billion at MYFER 2019-20, fully $5 billion below the equivalent debt figure for New South Wales as at its 2019-20 Half-Yearly Review.

I believe the Member has wilfully ignored these parliamentary statements and I recommend that the Member should be referred to the ethics committee.

Section 37 of the Parliament of Queensland Act 2001 sets out the meaning of contempt of the Assembly as;

(1) Contempt of the Assembly means a breach or disobedience of the powers, rights or immunities, ora contempt, of the Assembly or its members or committees. (2) Conduct, including words, is not contempt of the Assembly unless it amounts, or is intended or likely to amount, to an improper interference with— (a) the free exercise by the Assembly or a committee of its authority or functions; or (b) the free performance by a member of the member's duties as a member.

Standing Order 266 of the Standing Orders sets out examples of what might constitute a contempt of the Parliament and, whilst not limiting the power of the House to the matters contained therein, includes a reference in sub-paragraph (2) to;

"deliberately misleading the House or a committee (by way of submission, statement, evidence or petition);”

There are three elements to be proven in order to establish that a member has committed the contempt of deliberately misleading the House:

1. The statement must have been misleading; 2. The member making the statement must have known, at the time the statement was made, that it was incorrect; and 3. In making the statement, the member intended to mislead the House.

I will address each of these elements in turn.

1. The statement must have been misleading

I submit that statements made by the Member above were false and misleading. The Federal Government and all states and territories have delayed their 2020-21 budgets. This is a matter of public record and to claim Queensland is 'the only state without a budget’ is deliberately misleading. 3

To claim Queensland has ‘the highest debt level in the country’ is similarly misleading, for reasons outlined above.

2, The member making the statement must have known, at the time the statement was made, that it was incorrect

Both of these statements are matters of public record. Regarding the first statement, public commentary, media releases and records of Parliamentary proceedings are ail available from other jurisdictions to verify the fact that all states have delayed their 2020-21 budgets. Regarding the second statement, budget documents and mid-year economic updates are also readily available and debt totals are comparable across states. As the Shadow Treasurer, it should be incumbent upon the Member for Everton to make these fundamental checks to avoid error.

3. In making the statement, the member intended to mislead the House

If a member makes a statement which is subsequently shown to be misleading, they should be provided with the opportunity to correct the record.

Regarding the first statement, it is demonstrably false to claim that ‘Queensland is the only state without a budget’. All states and territories have delayed their 2020-21 budgets until after the Commonwealth Budget on 6 October 2020. The Commonwealth Government’s decision to delay its Budget was announced on 20 March 2020.

Regarding the second statement, my statements of 19 May 2020 provide the correct analysis of debt levels across jurisdictions, a fact verifiable by assessing publicly available economic updates of other states and territories.

I therefore submit that by allowing the false and misleading statements to remain on the record, the Member has given a clear indication that he does not intend to make sure his statements to the House are accurate. I believe that he has illustrated that he fully intends, and continues to intend, to mislead the House and the Queensland community about this important matter.

Conclusion

Mr Speaker, 1 submit that this information is sufficient to establish that the Member for Everton has made statements to the House that are misleading, statements that he knows to be incorrect, and that, in so doing, he has intended to mislead the House.

I therefore submit that the Member for Everton is, prima facie, in breach of Standing Order 266 of the Standing Orders and is in contempt of the Parliament. Accordingly, I ask that you refer this matter to the Ethics Committee for its consideration of whether the Member for Everton is in breach of the Standing Orders.

Yours sincerely

CAMERON DICK MP Treasurer Minister for Infrastructure and Planning Member for Woodridge Your Ref: Our Ref: 200622-OUT-Mander

22 June 2020

MrTim Mander MP Deputy Leader of the Opposition Member for Everton

Email: Everton^parliament.qld.eov.au

Dear Tim

I have received correspondence from the Treasurer, Minister for Infrastructure and Planning on 18 June 2020, in which it is alleged that you have deliberately misled the House. In connection with this matter, I enclose a copy of the letter.

Deliberately misleading the House is listed as an example of behaviour that the House may treat as a contempt (see Standing Order 266 (2)).

Standing Order 269 (5) provides that in considering whether such a matter should be referred to the Ethics Committee, the Speaker may request further information from the person the subject of the allegation. Accordingly, I am writing to you pursuant to that Standing Order.

Standing Order 269 (4) provides that in considering whether the matter should be referred to the Ethics Committee, the Speaker shall take account of the degree of importance of the matter which has been raised and whether an adequate apology or explanation has been made in respect of the matter.

I wish to stress that I have not yet formed a view as to whether this particular allegation should be referred to the Ethics Committee. However, as a matter of course, I remind all members who are the subject of such allegations of the long established convention that should a Member become aware they have inadvertently mislead the House, they should, at the earliest opportunity, correct the record and apologise for their inadvertence.

Parliament House George St Brisbane Queensland 4000 Australia

Phone+ 61 7 3553 6700 Fax+ 61 7 3553 6709 Email [email protected] Web www.parliament.qld.gov.au Should you wish to provide me with further information to assist me in making a determination as to whether the matter should be referred to the Ethics Committee under Standing Order 269 please provide your response by COB 6 July 2020.

In the meantime, should your office have any queries relating to this matter, they may be directed to my Executive Officer, George Hasanakos, by email to [email protected] or on 07 3553 6700.

Yours sincerely

HON CURTIS PITT MP Speaker of the Legislative Assembly Tim Mander mp Deputy Leader of the Opposition and Shadow Treasurer

2 July 2020

The Hon Curtis Pitt MP Speaker of the Legislative Assembly

By email: [email protected]

Dear Mr Speaker

I refer to your letter of 22 June 2020, relating to a submission you have received from the Member for Woodridge dated 18 June 2020.

I appreciate the opportunity to respond to the matter.

My response is contained in the attached submission and I contend that the statements I made on 16 June 2020, that “Queensland is still the only state without a budget” and ‘Before the coronavirus, this state had...the highest debt level in the country” are factually correct.

If you require any further information on this matter, please do not hesitate to contact my office.

TIM MANDER MP Deputy Leader of the Opposition Shadow T reasurer Member for Everton

Telephone 07 3838 6767 Email [email protected] Mineral House, Level 7,41 George Street, Brisbane Qld 4000 • PO Box 15057, City East Qld 4002 SUBMISSION IN RESPONSE TO CLAIM MADE BY THE MEMBER FOR WOODRIDGE

BACKGROUND

1. This matter relates to a submission by the Member for Woodridge that on 16 June 2020 I made deliberately misleading statements during a Matters of Public Interest contribution when I stated:

“Queensland is still the only state without a budget”

and

“Before the coronavirus, this state had. ..the highest debt level in the country.”

RELEVANT CONSIDERATIONS

2. Section 37 of the Parliament of Queensland Act 2001 defines the meaning of “Contempt” of the Assembly as:

37 Meaning of contempt of the Assembly (1) Contempt of the Assembly means a breach or disobedience of the powers, rights or immunities, or a contempt, of the Assembly or its members or committees.

3. Standing Order 266 provides examples of Contempt to include, inter alia:

(2) Deliberately misleading the House or a committee (by way of submission, statement, evidence or petition);

4. In order for the allegation of a deliberate misleading of the House to be made out, three elements must be proven: a. the statement must, in fact, have been misleading: b. it must be established that the member making the statement knew at the time the statement was made that it was incorrect; and c. in making it, the member must have intended to mislead the House.

5. In determining whether each element is met, the standard of proof to be met is ‘on the balance of probabilities.’

APPLICATION

6. I will deal with each element in turn. THE FIRST ELEMENT - WAS THE MEMBER’S STATEMENT ACTUALLY MISLEADING? THE FACTS

7. In relation to my first statement, the Member for Woodridge is asserting that as no other state government has delivered a 2020-21 budget to date than Queensland will not be the only state without a 2020-21 budget while also inferring that the document he labels as “C19-FER” is the same as a budget. There are therefore two facts to establish: a. Queensland Government will be the only state government to not deliver a 2020-21 State Budget, and b. “C19-FER” is not a budget.

8. The Member for Woodridge’s submission has incorrectly asserted that all Australian jurisdictions, including Queensland have delayed the preparation and delivery of their 2020-21 budgets. This is incorrect as the 2020-21 Queensland budget has been cancelled, not delayed. Assessment of the publicly available media statements I have attached, show that every other state, but Queensland will deliver a 2020-21 budget. In further contrast to Member for Woodridge’s assertions, the fact that the Palaszczuk Government has cancelled this year’s budget has been widely publicly reported on, including in the attached Sunday Mail article.

9. Furthermore, the Member for Woodridge’s submission has implied that a document he has labelled “C19-FER” is a substitute for the Queensland Government’s 2020-21 budget. While the Member for Woodridge may assert that “C19-FER” will include “elements of a budget” the undeniable fact is that it is not a state budget. Other elements of Queensland’s state budget process that the Member for Woodridge has selectively omitted from “C19-FER” include; the second reading debate; estimates committee public hearings; estimate committee reports tabled in the House; and the debate of estimate committee reports. I also strongly doubt that, unlike prior Queensland budgets, “C19-FER” will contain a detailed capital statement paper, budget measures paper or departmental portfolio service delivery statements.

10. With respect to my second statement, the Member for Woodridge has misleadingly used forecasted figures that have no association to the Queensland Government’s debt position prior to the coronavirus. There is therefore one fact to establish: a. Before the coronavirus Queensland had the highest debt level in Australia. 11, It has been reported that the Queensland Disaster Management Committee first held meetings in January 2020, confirming that Queensland was dealing with coronavirus midway through the last financial year. As such, I have based my statement that Queensland had the highest debt levels before coronavirus upon revised actuals contained in each state and territory’s 2019-20 budget papers. The Member for Woodridge’s submission incorrectly references projected non- financial public sector debt figures for the financial year ending June 2020, around six months after the Queensland Government first started responding to the coronavirus.

12. Accordingly, the Queensland Government’s 2019-20 Budget details that the 192018- revised non-financial public sector debt was $71.4 billion. At $71.4 billion, Queensland’s debt level before coronavirus was significantly higher than the corresponding non-financial public sector debt levels of New South Wales at $61.7 billion, Western Australia at $53.5 billion, Victoria at $50.1 billion, South Australia at $15.9 billion. Northern Territory at $6.3 billion, the Australian Capital Territory at $4.9 billion and Tasmania at $3.5 billion. To assist with your determination, I have attached highlighted copies of each jurisdiction’s relevant financial statements.

13. Furthermore, Queensland’s position as having the highest debt level in the country is regularly reported on by both state and national media. As an example of the public reporting, I have attached two articles citing Queensland’s debt position from the national business and finance newspaper, the Australian Financial Review.

THE SECOND ELEMENT - WAS THE MEMBER AWARE AT THE TIME OF MAKING THE STATEMENT THAT IT WAS INCORRECT?

14. At the time I made the statement I believed the statement was correct.

15. In fact, I still believe the statement is correct.

16. The Member for Woodridge has incorrectly asserted that no other state will be delivering a 2020-21 budget and has used forecasted budget figures that do not align to the statement that I made.

THE THIRD ELEMENT - DID THE MEMBER INTEND TO MISLEAD THE HOUSE?

17. I did not intend to mislead in the House in making my statement as I believed it to be true when I made the statement and still true today. CONCLUSION

18. It has been publicly reported that the Queensland Government has cancelled the budget, while all other state governments have stated that they will be delivering a 2020-21 budget. Additionally, the Member for Woodridge has selectively used forecasted financial data that does not accurately reflect Queensland’s debt levels prior to the coronavirus.

19. Therefore, after careful consideration of the Member for Woodridge’s submission, I have concluded that the Member is, on prima facie, attempting to use Standing Order 266 as a vehicle to further a politically expedient outcome of shutting down debate on the issues of Queensland’s 2020-21 budget being cancelled and the state’s debt level.

20. I respectfully submit that this matter does not warrant any further attention by the House including the Ethics Committee. Dominic Perrottet NSW Treasurer GOVERNMENT

MEDIA STATEMENT

Friday, 20 March 2020

TREASURER CONFIRMS NSW BUDGET DEFERRAL

The 2020-21 NSW Budget will be deferred from June until later in the year.

This aligns with the approach of other States and Territories, following a recommendation by the National Cabinet of Commonwealth, State and Territory leaders on Friday,

Our No.1 focus at present is to deploy our state’s financial strength to safeguard the health and sustain the livelihoods of our people.

We will seek NSW Parliament’s support to ensure that necessary funds are available to continue the delivery of Government services and projects, until the full Budget is handed down.

As well as providing our health services with every necessary resource, we will continue to work closely with the community, industry and business leaders and the Commonwealth Government to identify the best ways our Government can help to sustain jobs and support the economy.

I welcome the announcement today by Australian banks to defer loan payments for small businesses, and the additional measures announced by the Commonwealth Government to support the operation of aged care facilities.

We will continue to focus on measures that complement the work of the Commonwealth and industry.

MEDIA: Trevor Seymour | Treasurer | 0427 253 927 Media Release The Hon Daniel Andrews mp ORIA Premier State Government

Saturday, 21 March 2020

ECONOMIC SURVIVAL PACKAGE TO SUPPORT BUSINESSES AND JOBS

The Victorian Government will pump billions of dollars into the economy to help Victorian businesses and workers survive the devastating impacts of the coronavirus pandemic.

Premier Daniel Andrews and Treasurer Tim Pallas today announced a $1.7 billion economic survival and jobs package, which has been developed following discussions at National Cabinet and complements the work of the Federal Government.

As part of the package, the Government will provide full payroll tax refunds for the 2019-20 financial year to small and medium-sized businesses with payroll of less than $3 million - giving $550 million back to businesses who need it.

Payments will start flowing next week and will save eligible business up to $113,975 a year, with businesses saving an average of $23,000. These businesses employ around 400,000 workers. This assistance is a refund, not a loan.

The same businesses will also be able to defer any payroll tax for the first three months of the 2020/21 financial year until 1 January 2021, freeing up a further $83 million in cashflow.

Commercial tenants in government buildings can apply for rent relief - a move private landlords are also being encouraged to undertake - and 2020 land tax payments will be deferred for eligible small businesses.

The Government will pay all outstanding supplier invoices within five business days - releasing up to $750 million into the economy earlier. The private sector is urged to do the same where possible. The Government will also support the hospitality sector by waiving liquor licensing fees for 2020 for affected venues and small businesses.

We will also provide $500 million to establish a Business Support Fund. The fund will support the hardest hit sectors, including hospitality, tourism, accommodation, arts and entertainment, and retail.

The Government will work with the Victorian Chamber, Australian Hotels Association and Ai Group to administer the fund, which will help these businesses - which may not be eligible for payroll tax refunds due to their size - survive and keep people in work.

The Government will establish a $500 million Working for Victoria Fund in consultation with the Victorian Council of Social Services and Victorian Trades Hall Council, The fund will help workers who have lost their jobs find new opportunities, including work cleaning public infrastructure or delivering food - providing vital contributions to our state's response to the pandemic and affording those Victorians security when its needed most.

The Government will also facilitate job matching to help Victorians find short-term or casual roles.

Due to the ongoing economic uncertainty the pandemic is causing, the 2020-21 Victorian Budget will be deferred - in line with all other Australian Governments and agreed by National Cabinet. The Government's base review outcomes will also be deferred.

The comprehensive package announced today has been developed to support small and medium sized businesses, and the Government is asking businesses to do whatever they can to support their workers.

The Government will continue to work closely with business and unions, and will announce further support over the coming weeks and months, in consultation with the Commonwealth, as the impacts of the coronavirus continue to evolve.

Media contact; Stephanie Anderson 0422 031125 1 Stephanie.anderson(®minstaff.vic.gov.au 7/1/2020 Western Australian State Budget

Your State Budget 2020-21

The Treasurer, Hon Ben Wyatt MLA will hand down the 2020-21 Western Australian State Budget on Thursday, 8 October 2020

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PROTECTING BUDGET https://www.ourstatebudget.wa.gov.au 1/3 SA.GOV. AU: COVID-19 https.7/www.covid-19.sa.gov.au Home > Latest news > Budget cost of saving lives and jobs Budget cost of saving lives and jobs

18/06/2020

The inevitable consequence of the SA government’s response to the global COVID-19 pandemic, in order to save as many lives, local jobs and businesses as possible, has been an increase in the level of state debt and forecast deficits.

The government’s commitment of $1 billion in economic stimulus to protect SA jobs and industry - including $10,000 cash grants for small businesses and not-for-profit organisations - increased health spending to prepare our hospitals for a forecast influx of COVID-19 patients as well as plummeting GST receipts and reduced state tax revenues have all impacted the 2019-20 budget bottom line.

The forecast $91 million surplus for 2019-20 (as at the Mid-Year Budget Review, pre COVID-19 pandemic) will deteriorate significantly to become a forecast net operating balance deficit of $1.9 billion for 2019-20 in the general government sector.

Total non-financial public sector net debt at June 30 is estimated to be around $18.1 billion, up $1.6 billion from the $16.5 billion estimated at the time of the Mid-Year Budget Review.

Treasurer Rob Lucas said significant budget deficits and increasing debt were the inevitable consequence of fighting the COVID-19 pandemic.

"They are the inevitable consequences of spending what was needed to prepare our health system to fight the virus, and also spending whatever was needed to save as many local jobs, businesses and community organisations as possible,” said Mr Lucas.

“In the grip of a global pandemic, we are doing what is needed to save lives and livelihoods, knowing we weren’t going to get a second chance to get this right.

"This wasn’t just a health crisis, this was the greatest economic challenge of our time and we are rising to that challenge, acting swiftly and decisively.

"All state and territory governments are in a similar position, with significant increases in debt and deficits as a result of COVID-19 and their necessary response.” Mr Lucas said, at the time of the 2019-20 Budget, estimated GST revenue grants were around $6.8 billion in 2019-20 and $6.9 billion in 2020-21.

While it is still very difficult to estimate the impact of the pandemic on GST revenue grants, Treasury’s best estimates suggest that the state's GST revenues will be in the order of $850 million lower in 2019 20 and around $1.1 billion lower in 2020-21.

"Estimates of GST revenue in 2020-21 will obviously be impacted by the easing of restrictions and the pace of economic recovery," said Mr Lucas.

State taxes have also been impacted, with estimates showing payroll tax could be $90 million lower in 2019-20 and $100 million lower in 2020-21. Other state taxation revenue (including stamp duty and gambling taxes) could be $230 million lower in 2019-20 and down $360 million in 2020-21, compared with estimates at budget time.

Further, Mr Lucas said early estimates are that the net operating balance deficit in 2020-21 will be of a similar size to 2019-20, with non-financial public sector debt to be around $30 billion by the end of the forward estimates.

“Despite this, the government remains steadfast in our commitment to our record $12.9 billion Job creating infrastructure program. Obviously, it could have helped the budget, including the increase in debt, by cutting infrastructure spending - but that is not the response that is needed.

"Jobs are needed now, and our record infrastructure program will help provide that as our state manages a transition to an exciting future which will be influenced significantly by the massive new opportunities in the defence, space and IT industry sectors."

The 2020-21 State Budget will be handed down on November 10.

Government of South Australia

SA.GOV.AU: COVID-19 https://www.covid-19.sa.gov.au/latest-news/budget-cost-of-saving-lives-and-jobs lJul 2020 1:41pm

/ 7/1/2020 Premier of Tasmania - Reiease of updated 2020 Parliament sitting schedule

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TasTTiiriian Search site Search Government (http://www.tas.gov.au) Peter Gutwein Premier of Tasmania

Share 15 May 2020

Michael Ferguson, Leader of the House Release of updated 2020 Parliament sitting schedule Today the Tasmanian Government has released an updated 2020 sitting schedule for the 49th Parliament.

This outlines the changes to the spring session to incorporate additional sitting weeks, a revised date for the 2020-21 State Budget and a full budget session with budget estimates and Government Business scrutiny hearings before the end of the year.

With consideration to the COVID-19 emergency. Parliament has resolved to next return in June for four sitting days before returning again in August for regular and frequent sittings through to December.

This updated sitting schedule also reflects the Premier’s announcement that the 2020-21 State Budget will be handed down on Thursday, November 12, 2020.

We are pleased that we have been able to ensure the new sitting schedule remains largely in line with the Government's original sitting intentions, with the House of Assembly sitting for only five fewer days despite the major interruption COVID-19 represented.

We have always been clear in our commitment to openness and transparency through this difficult time, including through regular media briefings, regular meetings with all parties and debates on the floor of Parliament to scrutinise the Government’s decisions in relation to COVID-19.

Throughout this time, I have kept in regular contact with the representatives of the Labor party and the Greens, as well as other members of Parliament in regards to the safest and most appropriate ways to conduct sittings.

The updated 2020 sitting schedule can be found here: https://www.parliament.tas.gov.au/Parliament/Combined%20Sitting%20Schedule%202020.pdf (https://www.parliament.tas.gov.au/Parliament/Combined%20Sitting%20Schedule%202020.pdf)

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www.premler.tas.gov.au/releases/release_of_updated_2020_parliament_sittlng_schedule 1/2 QLD POLITICS Opposition to cancel Christmas holidays of senior public servants, if need be, to get Budget done Senior public servants will work through Christmas and lose their holidays, if need be, in order to meet a bold pre-election pledge made by Opposition Leader Deb Frecklington if she wins the state poll in October.

JACK McKAY, The Sunday Mail (Qld) I Subscriber only | June 14, 2020 12:00am

DEB Frecklington has vowed to deliver a Budget in her first 100 days in office if the LNP wins the looming October election and would cancel the Christmas holidays of senior public servants to get it done.

The Sunday Mail can reveal the LNP will promise to use its first Budget to fund its plans to build a second Ml and its New Bradfield Scheme.

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Ms Frecklington said delivering a Budget in the first 100 days of an LNP Government would give Queensland businesses “confidence and certainty".

“Our budget would implement our economic plan to get Queensland working again and deliver a decade of secure jobs,” the LNP leader said.

The commitment comes after the Palaszczuk Government cancelled this year's Budget amid the COVID-19 pandemic and will instead deliver a COVID-19 Fiscal and Economic review later in the year.

LNP treasury spokesman Tira Mander said if need be, Christmas holidays would be cancelled for senior public serx'auts to help deliver the LNP’s first Budget if it wins the election. O Opposition Leader Deb Frecklington says she will cancel the Christmas holidays of senior public servants to get the Budget done if she wins the state election. Picture: Lyndon Mechielsen/The Australian “There is no time for a break if hundreds of thousands of Queenslanders are out of job,” Mr Mander told Tlie Sunday Mail.

“Labor’s decision to cancel the Budget means they don’t have an economic plan.”

The state Budget was initially expected to be delivered in June, but former treasurer Jackie Trad committed last year to bringing it forward to April to give business and industly more certainty' ahead of the October election.

The Government later confirmed it would suspend the 2020-21 Budget, along with other states and territories, and promised to hand down a COVID-19 Fiscal and Economic Review in September.

New Treasurer Cameron Dick said in May that the review would be produced to the same standards used for the annual Mid-Year Fiscal and Economic Review and promised to make himself available to appear before the parliament’s Economics and Governance Committee.

Premier Annastacia Palaszczuk told Parliament last month that it would be “negligent” for any government to hand down a Budget when “the sands are moving so constantly”.

Mr Mander claimed that the decision to cancel the Budget meant the Government was “flying blind” through an economic crisis.

The New Bradfield Scheme, which the LNP says will help droughtproof the state and increase food production, is expected to cost billions of dollars.

The Government has already unveiled billions of dollars in measures to support jobs and businesses during the pandemic. TJ Table D.1 Key Fiscal Aggregates^* ■o (D 2011.12 2012-13 2013-14 2014-16 2015-li 2016-17 2017-18 2010-19 2019-20 2020-21 2021-22 2022-23 3 Actual* Actual* Actual* Actual* Actual* Actual* Actual* Revised Budget Prejection Projection Projection Q.

SmIWon $mHBon ImflUon $ mitofl SmWon trnMon $ mBicm $RiMon OmlRon SmMlon ImMlon OmnOon S' General Government o

Total revenue 45,801 41.755 46.705 49.970 50.780 56.194 58,087 60,068 60.387 61.729 63.583 65.540

Tax revenue 10,606 10.937 11.840 12,598 12,547 12,919 13,244 14,005 15,164 15,777 16,601 17,525 •n Total expenses 46,028 46.313 46.217 49,551 50,112 53.369 56,335 59,226 60.198 61.416 63,101 64.753 09 c «* Q. Brpbyee expenses 18.250 18.130 17.816 18.592 20,045 21.258 22,678 24,096 25,386 25.728 26,709 27,724 o (Q A Nel operating balance (226) (4.558) 488 420 668 2,625 1,752 841 189 313 483 787 fi) (A Captal purchases 7.971 7.001 6,323 4,635 4,044 4,620 5,127 6,060 6.727 7.125 7,963 6,179 tt (Q S' Net capital purchases 5.241 3,387 3.085 996 1.163 2,265 2.339 3,518 3.716 3,980 4,763 2,518 (Q (O «< (7.944) (2.597) (576) (495) (586) (2.677) (3.527) (3.667) N> Fiscal balance (5.467) 560 (4,280) (1,731) M O 3 Borrow Ings w ith QTC 28,391 36,508 39,864 41,343 34.200 31,358 29,258 29,933 32.781 35,218 40,174 42,589 O. (Q o Leases and sirriar arrw^gementsS 1,126 1,370 1,503 1,761 1,286 1.882 2,152 2,623 5,824 7,071 6,943 6,966 fi*fi) c Securities and Derivatives 1 1 1 (0) (0) (0) 122 122 122 122 122 122 o O o Net debt (5.720) 2,466 5.208 5,749 654 (355) (497) 1.661 8.001 12.306 16.961 19,562 w JP l\> Non^teanciil PubHe Sector fi) (O ToUri revenue 52,307 49.181 53.502 56,178 57,393 64,855 66,164 67,699 68,272 69.542 71.558 74,040 Q. lb Captlal purchases 11.980 10.774 9.313 7,811 6.852 7.291 7,644 8,856 10.223 10.447 11.210 8,640 Borrow hgs w th QTC 60.205 57.116 70.668 73.256 71,160 69.107 66,964 88 141 71.954 75.413 80.645 82,972 Q. Leases artd siniar arrangemrtsS 1.127 1,559 1.752 1.802 1.316 1.882 2.152 2,823 6.217 7.430 7.266 7.254 o' fi) Securbes and Oerivabves 210 411 216 175 446 895 405 871 544 502 492 492

Notes: o 1. Bracketed nunbers r^esent negative amounts. (0 2. Witi) the implennentation of the btesi GFS hbnuai (AGFS15), soma categories have been restated atx)ve to ensure conparablity. 3. Approxiralely $2.2 blion increase in General Government and $2.6 bSon in NFre in 2019-20 on adc^tion of (he new lease accounting standard AASB16 b statement of Finances

Table A1.13: Non-financial public sector balance sheet

June 2018 June 2019 June 2020 June 2021 June 2022 June 2023 Actual Revised Budget Forward &timates Sm $m Sm Sm Sm Sm Assets Financial Assets Cash and Cash Equivalents 9,225 5,804 2,569 2,151 1,967 2,027 Receivables 6,082 6,253 6,766 6,826 7,154 7,223 Tax Equivalents Receivable 9 5 8 9 10 10 Investments, Loans and Racements Rnancial Assets at Fair Value 32,814 39,964 34,855 30,190 28,004 30,793 Other Rnancial Assets 6,616 3,164 2,258 2,443 1,889 1,891 Advances Raid 644 563 802 1,054 1,163 1,191 Deferred Tax Equivalent Assets 0 0 0 0 0 0 Equity hvestments in Other Public Sector Eitities 2,220 (2,606) (3.141) (2,498) (1,088) 1,907 Investments in Associates 5,987 12,598 12,689 11,976 12,119 12,203 Other Equity Investments 889 167 167 167 167 167 Equity hvestments Held for Sale Total Financial Assets 64,484 65,910 56,974 52,319 51,384 57,412 Non-FInancial Assets Inventories 826 736 957 989 1,062 971 Forestry Stock and Other Biological Assets 993 994 994 994 994 994 Assets Classified as Held for Sale 430 247 325 170 168 167 Investment Roperties 644 648 603 603 568 569 Property, Plant and Equipment Land and Buildings 161,611 165,168 174,234 179,658 182,352 184,617 Rant and Equipment 17,338 17,322 18,270 18,975 19,066 18,814 Infrastructure Systems 160,242 172,754 187,243 201,767 216,026 227,631 htangibles 4,741 4,539 4,638 4,428 4,159 3,784 Other Non-Rnancial Assets 6,537 5,990 8,668 9,739 10,545 11,426 Total Non-Financial Assets 353,363 368,398 395,931 417,324 434,941 448,972 Total Assets 417,847 434,309 452,905 469,642 436,326 506,385 Liabilities Deposits Held 221 161 147 136 142 147 Payables 9,032 8,470 8,721 9,164 9,524 9,480 Liabilities Directly Associated with Assets Held for Sale Borrow ings and Derivatives at Fair Value 1,259 157 150 141 130 118 Borrow ings at Amortised Cost 56,893 61,537 77,102 84,871 93,954 104,199 Advanced Received 797 751 783 824 809 785 Erployee Revisions 19,064 20,404 20,857 21,099 21,221 21,123 Superannuation Revision'’’ 56,418 63,798 61,363 55,540 50,111 42,453 Deferred Tax Equivalent Revision (0) Other Revisions 10,650 10,792 10,829 10,981 11,157 11,327 Other LiabiSties 6,499 6,216 6,006 6,070 5,777 5,737

Total Liabilities 160,832 172,287 185,960 188,826 192,826 195,371

NET ASSETS 257,016 262,022 266,946 280.816 293,500 311,014

NET WORTH Accumulated Funds 117,455 119,009 116,716 118,305 121,354 128,172 Reserves 139,560 143,014 150,230 162,511 172,146 182,842

TOTAL NET WORTH 257,016 262,022 266,946 280,816 293,500 311,014

OTHH? RSCAL AGGREGATES Net Debt"” 9,871 13,113 37,699 50,134 62,012 69,347 Net Financial Liabilities'” 98,568 103,770 125,845 134,010 140.353 139,866 Net Financial Worth'"’ (96,189) (106,376) (128,986) (136,507) (141,442) (137,959)

(a) Superannuation liabilities are reported net of prepaid superannuation contribution assets. (b) Net debt comprises the sum of deposits held, borrowings and advances received, minus the sum of cash and cash equivalents, investments, loans and placements and advances paid. (c) Net financial liabilities equals total liabilities less financial assets excluding equity investments in other public sector entitles. (d) Net financial worth equals total financial assets minus total liabilities.

A1 -20 Budget Statement 2019-20 2019-20 Economic and Fiscal Outlook

Table 1.8 TOTAL NON-FINANCIAL PUBLIC SECTOR Balance Sheet at 30 June

Note 2018 2019 2020 2021 2022 2023 Btinoted Budget Forward Forward Forward Actual Actual Btkraite felimate Estimate Estimate $m $m| $fn $m $m Sm ASSETS Financial assets Cash and deposits 1,777 1,542 1,959 1,690 1,860 1.914 Advances paid 366 415 449 458 464 474 Investments, loans and placemenis lo.aa? 8,585 8.342 9,364 9,975 11,096 Rscewables 4,907 5,343 4,986 4,733 4,611 4,725 Shares and other equity Investments In other pubBc sector entities - equity method 2,221 2,292 2,399 2,495 2,633 2,796 Investments in other public sector entities - direct injections ------hvestments in other entitles 48 21 32 53 55 58 Other financial assets 8 8 8 9 9 9 Total financial assets 19.657 18,207 78,775 19.002 19,606 21.072

Non-financlal assets Land*’ 45,521 44,780 44,701 44,949 45,531 46.307 Property, p4ant and equipment 102,375 105,304 107,506 109,401 111,554 113,706 Biological assets 332 324 322 320 319 316 Inventories Land inventories 1,902 1,987 2,025 2,243 2,436 2.610 Other Inventories 3.731 3,797 3,870 3,918 3,989 4,069 IntangBMes 1,079 1,007 963 891 822 749 Non-current assets held for sale 183 99 93 93 93 93 Investment property 77 67 61 59 59 57 Other 405 506 499 510 516 505 Total non-Hnancial assets 755.605 157,872 160.040 162,385 165,320 168,412

TOTAL ASSETS 175.262 176.079 178.215 181.387 184,927 189,484

LIABLfTES Deposits held 24 12 12 12 12 12 Advances received 360 368 STT 360 342 324 Borrow nos Lease toUKIss "> 4,055 4.73B 4,474 4,269 4,070 3,885 Other tMrrowr>9S 48,864 48,753 49,859 50,607 51,214 52,470 Unfunded superannuation 6,631 7,021 6,883 6,705 6,616 6,574 Other employee benefits 3.386 3,423 3,467 3,494 3,521 3,545 Payables 6,402 6,509 6.673 6,770 6,865 6,991 Other tiahifities 3,061 2,671 2,493 2,019 2.090 2,018 TOTAL LIABILITIES 72,783 73.496 74,237 74,235 74.731 75.819

NET ASSETS*' 102,479 102,583 103,978 107,152 110,198 113,665

or uitich: Contributed equity • - - - - Accumilated surplus 23,147 24,203 24.671 26,943 26,794 31.047 Other reserves *’ 79,332 78,360 79,307 80,209 81,402 32,618 fErwofrrH*’ t 102,479 102,583 103,978 107,152 110,196 113,665

MBflORANDUM FTBUS

Net financial worth -53,126 ■55,289 -55.052 -55,232 -55,124 -54,748 Nel llnanctat tlabitities 55.395 57.602 58,494 57,780 57.812 57.602

Nel debl Gross debt liabilities **’ 53.303 53,672 54,722 55,248 55,638 58.892 Less: liquid financial assets 12,473 10,542 10,749 11,713 12,299 13,483 Nel debl " 40,830 43,330 43,973 43.535 43,340 43.209

(a) Aggregate impacted by accounting standards applicable from 2019-20 in this Budget (see feature box In Chapter 3 of this Budget Paper). Note: Columns may not add due to rounding.

202 \l le Table 5.3: Non-financial public sector net debt and net financial liabilities ts blllkm) 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 actual revised budget estimate estimate estimate Assets Cash and deposits 7.7 9.4 7.5 7.3 7.5 7.5 Advances paid 0.4 0.5 0.4 0.5 0.5 0.5 Investments, loans and placements 5.2 3.2 3.2 3.4 3.4 3.6 Total 13.3 13.1 11.2 11.2 11.5 11.6 Liabilities Deposits held and advances received 1.6 1.3 1.3 1.3 1.3 1.3 Borrowings 45.9 50.1 65.9 74.8 79.9 84.4 Total 47.4 51.4 67.2 76.1 81.3 85.7 Net debt l**) 34.2 38.3 56.0 65.0 69.8 74.1 Superannuation liability 25.2 27.2 26.1 25.0 24.0 23.0 Net debt plus superannuation 59.4 65.5 82.1 90.0 93.8 97.1 liabilities Other liabilities (net) 17.6 20.2 26.8 27,1 26.6 25.3 Net financial liabilities **** 77.0 85.7 108.9 117.1 120.3 122.5 (per cent)

Net debt to GSP <‘> 7.9 8.5 11.9 13.1 13.4 13.5 Net debt plus superannuation 13.8 14.5 17.4 18.2 18.0 17.7 liability to GSP W Net financial liabilities to GSP 17.9 19.0 23.1 23.7 23.1 22.3 Net debt plus superannuation 87.5 90.0 110.8 115.6 114.9 113.2 liability to revenue <'>

Source: Deportment of Treasury and Finance

Notes: (a} Figures in this table ore subject to rounding and may not add up to the totals. (b} Net debt is the sum of borrowings, deposits held and advances received less the sum ofcash and deposits, advances paid, and investments, loons and placements. Movements in 20i9-20 include the impact of the new accounting standards. Further information on die impact of these con be found of Note 1.7.2 of Budget Paper No. 5, Chapter 1 Estimated Financial Statements for the General Government Sector. Other nobilities include other employee entitlements and provisions and other non-equity liabilities, less other non-equity financial assets. <

Table 5.4 projects several indicators of financial sustainability for the NFPS over the budget and forward estimates. The operating cash flow surplus to revenue ratio is an indication of the level of cash generated from operations that can be used to fund infrastructure. This ratio is higher in 2018-19 mainly due to cash receipts from commercialising part of Victoria’s land titles and registty functions. This ratio increases strongly from 8.1 per cent in 2019-20 to 13.1 per cent by 2022-23 due to improving operating cash flow surpluses over the budget and forward estimates. Tliis reflects the impact of improving revenue growth and a reduction in expenditure growth for the general government sector in line with the Government’s strateg)' to implement efficiencies to improve the effectiveness of departmental spending.

70 Chapter 5 2019-20 Strategy and Outlook Appendix A: Uniform presentation framework

Table A.6: Non-financial public sector balance sheet ($million)

2018-19 Estimated 2019-20 2020-21 2021-22 2022-23 Result Budget Estimate Estimate Estimate

Assets Financial assets Cash and deposits 2 243 10 819 11808 12 569 13 538 Advances paid 79 202 202 196 193 Investments, loans and placements 440 468 478 490 501 Receivables 771 775 770 764 768 Equity Investments in other public sector entities 1193 1237 1256 1272 1283 Investments - other 43 40 40 40 38 Other financial assets 102 3 3 3 3 Total financial assets 4 870 13 545 14 556 15 334 16 325

Non-financial assets Land and other fixed assets 73 686 76 545 77 731 79 380 80 782 Other non-financial assets 57 157 153 162 155

Total non-financial assets 73 743 76 701 77 884 79 542 80 937

Total assets 78 614 90 246 92 440 94 876 97 262

Liabilities Deposits held 192 192 193 193 194 Advances received 208 — — — — Borrowing 15 909 28 011 30 450 33 010 35 309 Superannuation 12 899 12 358 11782 11170 10 520 Other employee benefits 3 087 3 253 3 386 3 482 3 570 Payables 1402 1384 1392 1400 1405 Other liabilities 2 900 3 373 3 099 2 950 2 974 Total liabilities 36 597 48 570 SO 300 52 206 53 972

Net Worth 42017 41676 42140 42 670 43 291

Fiscal Aggregates

Net financial worth (a) -31 726 -35 025 -35 744 -36 872 -37 647 Net financial liabilities 32 919 36 262 37 000 38 144 38 930 Net debt (b) 13 547 16 713 18 154 19 949 21 271

Note: Totals may not add due to rounding. (a) Net financial worth equals total financial assets minus total liabilities. (b) Net debt equals the sum of deposits held, advances received and borrowing, minus the sum of cash and deposits, advances paid, and investments, loansand placements.

2019-20 Budget Statement 127 Budget Strategy and Outlook

Non financial public sector balance sheet

2018-19 2019-20 2020-21 2021-22 2022-23 Estimate Budget Forward estim;ate $000 $000 $000 $000 $000 ASSETS Financial assets

Cash and deposits 319 905 167 309 127 062 125 121 135 498 Advances paid 171 418 178 418 182 418 181218 157 718 Investments, loans and placements 2 056 677 2 150 619 2 258 073 2 369 241 2 431 194 Receivables 468 418 461 781 456 935 456 826 459 915 Equity

Investments in other public sector entihes 21631 21631 21 631 21631 21631 Equity accounted investments Investments - shares 5 003 15 003 20 003 20 003 20 003 Other financial assets 18 603 25 954 25 188 24 397 23 581 Total financial assets 3 061 655 3 020 715 3 091310 3198 437 3 249 540

Non financial assets Inventories 210 220 204 758 211 502 213 521 217 335 Property, plant and equipment 18 896 217 20 377 639 20 676 011 20 826 684 21 015 750 Investment property 45 650 41 650 37 650 33 650 29 650 Other non financial assets 133 295 130 491 129 713 129 310 129 036 Total non financial assets 19 285 382 20 754 538 21054876 21203 165 21391 771 TOTAL ASSETS 22 347037 23 775 253 24 146 186 24401 602 24 641 311

LIABILITIES

Deposits held 125 886 136 042 142 663 151 694 161 227 Advances received 265 330 256 098 246 150 235 505 223 997 Borrowing 6 347 653 8 309 996 9 166 566 9 812 229 10 360 532 Superannuation 3 631 479 3 528 792 3 426 105 3 323 418 3 220 731 Other employee benefits 722 733 723 294 723 485 723 544 723 605 Payables 351100 350 947 363 228 363 155 363 010 Other liabilities 1 041 778 1043 678 1076 333 1 no 289 1110 549 TOTAL LIABILITIES 12 485 959 14 348 847 15 144 530 15 719 834 16163 651

NETASSETS/(LIABILITIES) 9 861078 9 426 406 9 001656 8 681768 8 477 660

NET WORTH 9 861078 9 426 406 9 001656 8 681 768 8 477 660

NET FINANCIAL WORTH‘ - 9 424 304 -11 328 132 -12 053 220 -12 521 397 -12 914111 NET FINANCIAL LIABILITIES^ 9 445 935 11 349 763 12 074 851 12 543 028 12 935 742

NET DEEP 4 190 869 6 205 790 6 987 826 7 523 848 8 021 346

1 Net (inaneiai v/orth equals total (inanrial assets minus total lialiiliries 2 Net finsncial fabilHits equals the sum of lolal liabililics kss loial financial assets excluding invtslineiils in oih« r ijublic secloi enliiies. Net debt equals the sum of deposits held, advances reccised and borrov.ing, minus the sum of rash and deposits, advancf.s itaitl and invtslmt'iils. loans and placEnionis.

Uniform pt use nhtion tranxv.'ork 101 Table G.2 Australian Capital Territory Consolidated Total Territory Balance sheet

2018-19 2018-19 2019-20 2020-21 2021-22 2022-23 Budget Est. outcome Budget Var Estimate Estimate Estimate $'000 $'000 $'000 % $'000 $'000 $'000 Financial assets 718,626 Cash and deposits 1,323,413 918,900 -31 820,988 835,362 837,274 89,430 Advances paid 87,212 80,333 -8 74,758 62,643 51,130 4,628,988 Investments and loans 4,957,289 5,391,065 9 5,808,891 6,168,511 6,557,007 410,244 Receivables 638,265 376,372 -41 419,472 394,022 382,903 1,023,917 Investments accounted for using 1,047,926 1,054,959 1 1,057,305 1,069,976 1,080,283 the equity method 6,871,205 Total financial assets 8,054,105 7,821,629 -3 8,181,414 8,530,514 8,908,597

Non-financial assets Produced assets 16,315,022 Property, plant and equipment 16,266,199 16,863,343 4 17,273,821 17,771,022 18,119,165 14,113 Investment properties 13,480 13,386 -1 13,374 13,380 13,386 402,665 Intangibles 490,904 566,183 15 552,595 524,154 484,593 391,226 Inventories 364,071 547,387 50 626,762 508,653 344,900 10,976 Assets held for sale 27,820 29,534 6 9,336 9,601 . 9,869 713,214 Capital works-in-progress 665,740 934,710 40 1,163,355 1,116,709 1,160,819 Non-produced assets 7,757,466 Property, plant and equipment 7,787,356 7,797,571 7,780,928 7,763,244 7,744,729 29,917 Biological assets 29,769 29,769 - 29,769 29,769 29,769 15,056 Other non-financial assets 11,845 11,845 - 11,845 11,845 11,845 25,649,655 Total non-financial assets 25,657,184 26,793,728 4 27,461,785 27,748,377 27,919,075 32,520,860 Total assets 33,711,289 34,615,357 3 35,643,199 36,278,891 36,827,672

Liabilities 15,632 Deposits held - - - - - 1,017,156 Advances received 1,017,156 958,327 -6 849,434 740,503 631,585 Borrowings 488,040 Finance leases 441,059 891,244 102 1,121,597 1,087,119 1,055,701 3,523,614 Other borrowings 4,446,863 4,772,213 7 5,307,534 5,591,961 5,423,185 7,803,907 Superannuation 7,811,956 8,064,808 3 8,303,414 8,524,709 8,730,220 766,981 Employee benefits 789,302 826,980 5 868,279 910,386 953,340 479,226 Other provisions 786,504 802,169 2 813,344 841,838 864,530 442,415 Payables 299,062 341,413 14 380,655 416,512 616,990 38,331 Other liabilities 35,769 18,845 -47 18,688 18,533 18,466 14,575,302 Total liabilities 15,627,671 16,675,999 7 17,662,945 18,131,561 18,294,017

2019-20 Budget Paper No.3 396 Consolidated financial statements - Total Territory T A3

Table A 1.8: Total Non-Financial Public Sector Balance Sheet as at 30 June

2019 2019 2020 2021 2022 2023 Estimated Forward Forward Forward Budget Outcome Budget Estimate Estimate Estimate $m $m $m $m $m $m Assets Financial assets Cash and deposits 1 047.1 1 333.6 1 043.1 998.6 1 056.1 1 034.9 Investments 158.8 203.7 188.0 213.1 228.6 76.5 Equity investment in PFC sector 1 268.0 1 257.2 1 103.3 1 046.8 992.8 946.7 Other equity investments 119.8 116.6 142.7 198.9 255.0 321.2 Receivables 808.3 801.3 785.9 786.6 780.6 782.2 Other financial assets 1 169.4 806.0 809.1 817.3 830.8 839.5 4 571.6 4 518.4 4 072.0 4 061.4 4 143.9 4 000.9

Non-financial assets Land and buildings 6 887.7 6 913.0 7 205.8 7 452.5 7 659.0 7 781.0 Infrastructure 13 627.1 14 063.8 14 591.7 15 166.0 15 744.2 17 061.0 Plant and equipment 633.0 623.2 652.1 683.6 681.5 682.6 Heritage and cultural assets 486.0 474.3 486.5 498.7 511.1 523.4 Biological assets 93.7 125.1 134.2 137.6 141.2 145.0 Investment property 4.0 3.9 4.1 4.4 4.7 5.1 Intangibles 187.0 187.7 191.1 192.9 193.3 193.1 Assets held for sale 22.8 27.3 22.6 21.5 21.5 21.5 Lease - right-of-use assets' 383.6 369.8 347.6 323.2 Other non-financial assets 122.9 121.1 136.1 136.5 138.4 139.4 22 064.0 22 539.4 23 807.7 24 663.6 25 442.6 26 875.2

Total Assets 26 635.6 27 057.8 27 879.7 28 725.0 29 586.5 30 876.1

Liabilities Borrowings 3 472.5 3 509 6 3 911.8 4 388.1 4 770.3 5 498.7 Lease liabilities* 387.9 373.4 349.1 321.5 Superannuation 7 394.4 7 466.4 7 540.1 7 608.7 7 662.6 7 703.9 Employee entitlements 756.4 798.4 782.8 797.9 815.4 838.9 Payables 581.3 566.2 584.9 586.0 595.5 592.9 Other liabilities 2 837.8 2 302.9 2 341.5 2 283.3 2 296.0 2 297.0 Total Liabilities 15 042.3 14 643.4 15 549.0 16 037.4 16 488.9 17 253.0

NET ASSETS II 593.3 12 414.4 12 330.8 12 687.6 13 097.6 13 623.1

Uniform Government Reporting 171 Palaszczuk's dithering may cost her election Page 1 of9 r HNANCIAl REVIEW

Politics QLD Votes 2020

----- Opinion Palaszczuk's dithering may cost her election

Mark Ludlow Queensland bureau chief

Jun 18, 2020 - 8.59am

Queensland Premier Annastacia Palaszczuk's indecision over reopening the state’s borders epitomises the overcautiousness that could cost her the October state election.

Palaszczuk's inaction - she has baulked at tackling major economic reforms over the past five years and it has characterised her two-term state Labor government - is well known to Queenslanders.

https;//www.afr.com/politics/palaszczuk-s-dithering-may-cost-her-election-20200609-... 26/06/2020 Palaszczuk's dithering may cost her election Page 2 of 9

Queensland Premier Annastacia Palaszczuk is inoffensive to most voters, but her government hasn't done much. AAP

But the battle over Queensland's borders, closed since March 25, has thrust her dithering onto the national spotlight. After weeks of chopping and changing on a date for reopening the state borders - setting July 10, then saying it could be as late as September - Palaszczuk last week backtracked to her original plan.

Subject to a review at the end of the month and following advice from Queensland Chief Health Officer Jeannette Young, who has had the constant attention of the Premier for the past three months, the borders should open on July 10.

But even this week Palaszczuk scrapped her benchmark from two incubation periods, or 28 days, of no community transmission in NSW and Victoria before the borders were open, to monitoring the impact of the Black Lives Matter protests in Brisbane.

Talk about being all over the shop.

Palaszczuk's rationale for keeping the borders closed has slowly crumbled over the past few weeks.

Queensland only has a handful of active cases - an admirable health achievement, but one that has devastated the state's fragile economy.

With the state's $28 billion tourism industry teetering on the brink of collapse, Palaszczuk continues to insist on keeping the Sunshine State separate from the rest of the country.

The Premier is acting like she is running her own country - and treating her voters and the business community with contempt.

Australia's response to the coronavirus pandemic has highlighted the strengths and weaknesses of the federal political system.

https://www.afr.eom/politics/palaszczuk-s-dithering-may-cost-her-election-20200609-... 26/06/2020 Palaszczuk's dithering may cost her election Page 3 of 9

The creation of the national cabinet has shown what can be achieved if federal, state and territory governments work together.

But leaving key policy decisions - such as border closures and social restrictions - up to individual states and territories has created a mismatch of different regulations that has confused and infuriated Australians in equal measures.

No wonder New Zealand, which has mostly eradicated COVID-19, is holding back from signing up to a "travel bubble" with Australia.

There are only 150 active COVID-19 cases across the country, which is mostly being kept up by returning overseas travellers.

Primary vote slumps

Palaszczuk, who is facing voters on October 31, has always been extremely cautious.

The same inoffensiveness that won voters over in 2015 - the perfect antidote to aggressive former Liberal National Party premier Campbell Newman - and a second term in 2017, is starting to wear a bit thin.

The latest YouGov poll in Brisbane's Sunday Mail newspaper showed Labor's primary vote had slumped to 32 per cent, well down on the 35.2 per cent recorded at the 2017 election. The LNP was well ahead on 38 per cent.

Despite voters saying Palaszczuk had done a good job in her handling of the coronavirus pandemic, and putting her well ahead of LNP leader Deb Frecklington as preferred premier, this can quickly shift if the economy continues to sputter over the next four months.

Queensland has one of the nation's worst-performing economies and the highest debt - set to top $92 billion.

https://www.afr.eom/politics/palaszczuk-s-dithering-may-cost-her-election-20200609-... 26/06/2020 Queensland debt blows out by $lb in six months Page 1 of 8

r HNANCIAL REVIEW &

Politics Government

Queensland debt blows out by $lb in six months

Mark Ludlow Queensland bureau chief

Dec 12,2019 - 5.00pm

The Palaszczuk Labor government is struggling to control spiralling state debt in Queensland which has blown out $1 billion in the past six months.

Despite a move by Treasurer Jackie Trad to raid the defined benefits superannuation scheme for public servants to create a new Queensland Future Fund to tackle debt, the mid-year budget update released on Thursday showed the debt situation had worsened since the June budget.

https ://www.afr.com/politics/queensland-debt-blows-out-by-1 b-in-six-months-201912... 26/06/2020 Queensland debt blows out by $lb in six months Page 2 of 8

Queensland Deputy Premierand Treasurerjackie Trad says she comfortable with the state's growing debt. AAP

Queensland's total debt - which was already the worst in the nation - was due to top $90 billion by 2022-23.

But the budget update revealed total debt is now due to top $91.8 billion over the next four years.

The figures have cast further doubt on the economic credentials of the Palaszczuk government less than a year before the next election.

Ms Trad said she was not worried about the extra borrowing which will be mostly for new infrastructure, like the Gold Coast light rail stage three and Ml upgrades, which had been brought forward following recent agreements vdth the federal government.

"I'm very comfortable that we have made a sound decision around building critical infrastructure that the Gold Coast really needs and the Brisbane and Gold Coast communities need," Ms Trad said.

"These are important decisions that we made those knowing the federal government wanted to come to the party and accelerate their funding and that means Queenslanders will enjoy this infrastructure much sooner."

The Queensland Future Fund announced by Ms Trad would start with an initial funding of $5 billion including $2 billion from the government's existing debt retirement plan and a further $3 billion from the surplus in the defined benefits scheme.

Queensland Investment Corporation would be asked to invest the money which is expected to deliver returns of about $400 million a year which would be used to pay down debt and interest payments.

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"It depends on how quickly we can grow the fund and how much income it can earn. The bigger it is, the more money it can earn," she said.

"This I hope will pay down not only interest but debt. We anticipate it will earn $400 million a year."

The fund, which mirrors a similar fund in NSW, would require legislation to ensure any profits from the fund are to be used only to pay down debt.

It follows a similar raid of the defined benefits scheme in 2016. At the time actuaries warned it could put public servants fully-funded super scheme at risk.

The budget update showed a falling price for Queensland's coal exports - which has declined by US$75 a tonne in the past year - would drag down coal royalties by $1.1 billion over the next four years, including $677 million in 2019-20.

As reported in The Australian Financial Review on Thursday, GST revenue is also expected to fall by $2.5 billion over the next three years - which will not be made up by an estimated $700 million in savings found this year from the newly-created "razor gang" within Treasury and using consultants from PwC.

A softening international and national economy has flowed through to Queensland's finances with a $473 million fall in revenue since the June budget, with $1 billion less predicted over the next four years.

Like in other states, gross state product is going to slow from 3 per cent to 2.5 per cent since the June budget.

The unemployment rate is also now predicted to rise from 6 per cent to 6.25 per cent this financial year.

Queensland's predicted surplus for 2019-20 fell by $38 million to $151 million, but a total of $2.2 billion in surpluses are still predicted for the next four years.

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Ms Trad defended the state's economic health saying more than 223,000 jobs had been created by the Palaszczuk government since it came to power in 2015.

The state's infrastructure budget will top $50 billion over the next four years as projects are brought forward to stimulate the economy.

Deputy Opposition leader Tim Mander said the budget update was further evidence of a broken economy under Labor, characterised by higher debt, lower growth and higher unemployment.

"Every economic indicator is now heading in the wrong direction under Labor," he said.

"Labor's raid on public servants’ superannuation is not a debt plan, it's a sham."

Ms Trad said she was committed to implementing two key measures from the June budget - a land tax foreign surcharge and a mining industry infrastructure fund - but both have been yet to be finalised.

Property Council of Australia Queensland director Chris Mountford said they were expecting a more expansive foreign land tax surcharge regime to be implemented than was originally flagged in the June budget.

"The industry has been clear that this new tax risked significantly disincentivising investment and hindering economic growth in Queensland," he said.

https ://www.afr.com/politics/queensland-debt-blows-out-by-1 b-in-six-months-201912... 26/06/2020 Tim Mander MP Deputy Leader of the Opposition and Shadow Treasurer

12 August 2020

Hon. Curtis Pitt MP Speaker of the Legislative Assembly By email: [email protected]

Dear Mr Speaker,

I write to make a point of ciarification on my originai response to you on 2 Juiy 2020.

On further examination, I acknowledge that the statement I made in the House on 16 June 2020 that, “Queensland is still the only state without a budget”, could be unintentionally misleading. On reflection, I should have said that, “Queensland will be the only state without a budget”.

I apologise for this unintentional misleading and will make a similar apology to the House at the earliest possible opportunity.

Yours sincerely

TIM MANDER MP Deputy Leader of the Opposition Shadow Treasurer Member for Everton

Telqihone 07 3838 6767 Email [email protected] Mineral House, Level 7,41 George Street, Brisbane Qld 4000 • PO Box 15057, City East Qld 4002