The commitment comes after it reported a $5.9 billion budget operating deficit for the 2019–20 financial year, and forecast a budget operating deficit of $8.5 billion for 2020–21.
Queensland general government sector gross debt was $43.8 billion in 2019–20 and is forecast to be $59.4 billion in 2020–21.
In addition, the Queensland government noted that, based on forecasts by federal Treasurer Josh Frydenberg, over the 2019–20 and 2020–21 financial years, GST receipts to the state will be cut by up to $2.5 billion compared to its Mid-Year Fiscal and Economic Review estimates.
Despite the fall in projects revenue, Queensland Treasurer Cameron Dick said the government will remain committed to protecting and supporting local jobs and businesses, delivering infrastructure and providing essential frontline services.
“Combined with the $1 billion fall in revenue from state taxes and royalties in the second half of FY2019–20, the GST cuts mean that Queensland faces a fall in revenue since MYFER of at least $6.5 billion over 2019–20 and 2020–21,” Mr Dick said.
“As our revenues fall, our expenditure has grown through the $6 billion in initiatives we have implemented over the last six months to protect Queenslanders’ health, Queensland jobs and Queensland businesses.”
Mr Dick agreed with comments from Prime Minister Scott Morrison that the best way to raise revenue is to get people back into jobs and the economy moving again.
“That’s why creating jobs, supporting businesses and delivering infrastructure remain so central to our plan,” he said.
“We must ensure that every dollar we spend is assessed against our key priorities and achieve savings where possible across government to meet our $3 billion savings target.
“But the last thing our economy needs is to be throttled by austerity measures. Austerity would mean winding back job creation initiatives. Austerity would mean creating a cycle of generational unemployment, instead of creating catalytic infrastructure.”