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Queensland’s net debt is expected to be $24.7b in 2021-22, almost $10b lower than forecasted in Queensland’s delayed December budget. The Government created a net saving through revaluation of the Queensland Titles Registry, which has been revised up from $4b to $7.8b.
With the State’s unemployment rate declining, employment is forecasted to grow by 2.25% in 2021-22, improving the unemployment rate to 5.75% June quarter 2022. Mr Dick estimates that Queensland’s economy will be back to a surplus of $153m by 2024-25.
The 2021-2022 Queensland Budget contains no new or increased taxes, with the Queensland Government continuing to claim that Queensland remains a low-tax state. However, Queensland does continue to have one of the highest stamp duty rates nationally, one of the broadest bases for foreign surcharges and continues to impose duty on transfers of businesses.
The primary driver of revenue in the Budget is expected to be through an increase in economic activity triggering transfer duty and payroll tax in line with improving employment and business conditions, rather than an increase in the rate of these taxes.
The Queensland Government witnessed a decline in payroll tax revenue in the last financial year, reflecting the substantial payroll tax relief measures that were implemented to support businesses in response to COVID-19. This included payroll tax refunds, payment holidays and deferrals for eligible businesses, as well as a payroll tax exemption for JobKeeper payments.
The 2021-22 Budget is extending measures implemented in the 2020-21 Budget to provide relief through payroll tax by extending the 50% payroll tax rebate for trainees and apprentices until 30 June 2022, with the view to boosting youth employment and businesses who employ trainees and apprentices.
