Originally Posted by
Ragnor
A closed border for no real reason or pay higher taxes/council rates!
State to pay $2bn a year in interest
CHARLIE PEEL
The Palaszczuk government will head into the October 31 election with ballooning state debt and a yearly interest bill expected to rise by $500m as a result of the economic turmoil wrought by coronavirus.
Economists forecast Queensland’s fiscal position is likely to have deteriorated since the last update given in July when Treasurer Cameron Dick presents a budget update on Monday.
The Palaszczuk government did not produce a budget this year, citing the pandemic.
Even before the virus, the government was struggling to control its state debt, which had blown out by $1bn in the latter half of last year. Economists believe the state debt will rise above $100bn within two years and could reach up to $110bn by 2024.
In July, Mr Dick revealed Queensland’s share of GST had dropped $2.5bn from the MYFER estimates and there had also been a $1bn decrease in state taxes and royalties.
Meanwhile, expenditure had increased by about $6bn as the state battled to stimulate the economy.
Economist Gene Tunny expected Monday’s update would reveal a deterioration in the budget since the July update, which came prior to Victoria entering stage four lockdown.
He predicted the state’s interest bill would hit $2bn, from a total budget of about $60bn.
“Ultimately it means you have to pay higher taxes and charges than otherwise or (the government) has to spend less on services like health and education,” Mr Tunny told The Australian.
“It means a rising interest bill and the government having to service that debt. They could be doing that for a very long time.”
Mr Tunny predicted fiscal deficits could reach $10bn in 2019-20 and $14bn to $15bn in 2020-21 with a state debt — originally forecast to top $90bn by 2022-23
— of $105bn to $110bn by mid-2024.
Deputy Premier Steven Miles refused to reveal details of the update on Sunday. “Queensland hasn’t been immune to the global pandemic or the global economic repercussions,” he said.
Oh at last,now everybody can see what shes been hiding behind.
Oh,cant believe we now see another taxpayer paid politician refusing to reveal details.
Every 1 of them deserve to be thrown out of office & australia be governed by 1 government,its about time these tossers were made accountable for their actions,that applies to all state governments,the whole country has had enough.