Queensland Treasury

A new payroll tax mental health levy from 1 January 2023: a 0.25 per cent levy on employers (or groups) with annual Australian taxable wages above $10 million, and an additional 0.5 per cent above $100 million. Treasury estimates it applies to around one per cent of Queensland businesses and provides a sustainable, ongoing funding source for mental health services.

Around one per cent of Queensland businesses (the largest employers) pay a new levy that funds expanded mental health services; the government states no household pays this revenue measure.

General Government revenue (a positive amount represents additional revenue raised). $183.8M in 2022-23, rising to $425.4 million per year by 2025-26. This is a revenue measure hypothecated to mental health services.

Three new progressive coal royalty tiers introduced from 1 July 2022 at the end of a 10-year royalty freeze: 20 per cent on the part of the average price above $175 per tonne, 30 per cent above $225, and 40 per cent above $300. Each rate applies only on the margin. Existing tier rates are unchanged.

When coal prices are very high, multinational coal producers pay more in royalties to Queenslanders, with the government pledging the additional revenue, and more, to regional health and infrastructure projects.

General Government revenue (a positive amount represents additional revenue raised). $764.8M in 2022-23. The total of the new tiers across the forward estimates 2022-23 to 2025-26 is approximately $1.176 billion; the government described this as $1.2 billion in additional royalties to be directed to regional Queensland.

From 1 January 2023, the payroll tax deduction phase-out is extended from $6.5 million up to $10.4 million in annual Australian taxable wages, slowing the phase-out rate from $1 for every $4 of wages to $1 for every $7, providing payroll tax relief to more than 12,000 small and medium businesses.

More than 12,000 small and medium businesses pay less payroll tax; for example, a business with $6.5 million in taxable wages keeps over $26,000 extra each year.

General Government revenue foregone (a negative amount represents reduced revenue / tax relief). -$30M in 2022-23, rising to -$60 million per year ongoing. A separate Payroll Tax Apprentice and Trainee Rebate extension provides a further -$32.2 million in 2022-23.

A new funding model for Queensland's racing industry, applying a 5 per cent racing levy to the betting tax and making bonus (free) bets taxable, with 80 per cent of total betting tax revenue hypothecated to Racing Queensland. Proposed to take effect from 1 December 2022.

Online betting is taxed more, with the proceeds providing sustainable funding for Queensland's racing industry and the jobs it supports.

General Government revenue (a positive amount represents additional revenue raised). $40M in 2022-23, rising to $80 million per year ongoing.

$150 million over 10 years to back a new Queensland Trade and Investment Strategy, delivering new specialist staff, export clusters and trade delegations to leverage the profile of the Brisbane 2032 Games and grow exports and high-value jobs.

Queensland exporters get more support to reach new markets, aiming to create high-quality jobs and grow the trade-oriented economy.

General Government operating, $150 million over 10 years. $13.510 million is the 2022-23 expense line; the strategy is delivered by Trade and Investment Queensland.