Fiscal position over time

The General Government Sector recorded a $1.681 billion operating surplus, a $3.863 billion improvement on the $2.182 billion deficit forecast in the 2023-24 Budget. It follows operating surpluses in 2021-22 and 2022-23.

RoSF 2023-24, Outcomes Report — Net Operating Balance, p.3-6, p.3

Coal and oil prices received by Queensland producers moderated more slowly than the budget assumed, lifting royalty revenue. Even so, royalty-driven 'other revenue' fell $5.352 billion from 2022-23 as prices normalised from their 2022-23 peak.

RoSF 2023-24, AASB 1049 Overview — Revenue, p.4-3, p.4

Net debt finished at $5.684 billion versus the $16.19 billion budget estimate — a 65 per cent improvement — due to stronger operating cash flows, lower borrowing, lower capital purchases and better-than-expected QIC investment valuations. The net debt to revenue ratio was 6 per cent.

RoSF 2023-24, Outcomes Report — Net Debt and Fiscal principles, p.3-2 to 3-6, p.3

Expenses grew 16.1 per cent ($12.207 billion) on 2022-23, driven by certified public sector wage agreements, a 5.3 per cent rise in full-time-equivalent employees, electricity bill rebates and demand-driven health and child-protection costs.

RoSF 2023-24, AASB 1049 Overview — Expenses, p.4-3 to 4-4, p.4

The State Non-financial Sector capital program delivered in 2023-24 was $21.569 billion, $649 million (2.9 per cent) below the 2024-25 Budget estimated actual, largely reflecting the timing of infrastructure projects. General Government purchases of non-financial assets were $10.507 billion.

RoSF 2023-24, Outcomes Report — Fiscal principles and Capital Purchases, p.3-3, p.3-6, p.3

In late June 2024 the Australian Government made advance payments, including 85 per cent ($555 million) of the Financial Assistance Grants due in 2024-25 and a $199 million advance for the Housing Support Program, lifting actual revenue above the estimate.

RoSF 2023-24, Outcomes Report — Revenue, p.3-4, p.3

The General Government operating deficit was $4.428 billion, $1.797 billion larger than the $2.631 billion deficit forecast in the original 2024-25 Budget, because expenses rose $2.656 billion above Budget while revenue rose only $859 million.

RoSF 2024-25, p.86

General Government net debt finished the year at $16.727 billion, $10.680 billion lower than the $27.407 billion projected in the original 2024-25 Budget, reflecting lower borrowing, higher cash balances and better-than-expected market valuations of the State's long-term investments.

RoSF 2024-25, p.87

Other revenue (which includes royalties) was $521 million below Budget and $4.903 billion lower than the previous year, mainly due to lower coal export volumes and prices as commodity prices moderated from the elevated levels of prior years.

RoSF 2024-25, p.89

Employee expenses were $930 million (3%) higher than the original Budget, predominantly driven by growth in health employee numbers to meet service demand; total full-time equivalent staff rose 4.8% over the year.

RoSF 2024-25, p.89

General Government purchases of non-financial assets were $1.509 billion (12%) below the original Budget, reflecting the timing of infrastructure project delivery and work completed but not yet paid for at year end.

RoSF 2024-25, p.90

Grants revenue was $980 million (2%) above the original Budget, due to a larger national GST pool and higher National Partnership payments for road infrastructure and Better and Fairer Schools funding.

RoSF 2024-25, p.89

General Government net worth was $355.427 billion at 30 June 2025, $39.854 billion above the original Budget, predominantly due to upward valuations of land under roads, road infrastructure and public housing.

RoSF 2024-25, p.87

The General Government net operating deficit for 2024-25 was revised to $4.911 billion, $2.3 billion deeper than the $2.631 billion deficit estimated in the June Budget.

Budget Update 2024-25, p.6

Operating deficits of $6.926 billion in 2025-26, $9.173 billion in 2026-27 and $9.190 billion in 2027-28 are projected, totalling $30.2 billion in deficits from 2024-25 to 2027-28.

Budget Update 2024-25, p.6

Expenses were revised up by $2.245 billion in 2024-25, including additional funding identified for frontline services in health, law and order, child safety and victims of crime assistance.

Budget Update 2024-25, p.10

Royalty revenue for 2024-25 was revised down by $421 million to $7.984 billion, driven by lower coal export volumes and a faster-than-expected decline in hard coking coal prices.

Budget Update 2024-25, p.9

GST revenue for 2024-25 was revised up by $454 million to $18.979 billion, partly offsetting lower royalties, though the outlook deteriorates from 2025-26 due to Commonwealth Grants Commission methodology changes.

Budget Update 2024-25, p.9

The 4-year Non-financial Public Sector capital program to 2027-28 was revised up by $22.6 billion to $129.9 billion, attributed to cost escalations, funding decisions taken after the June Budget, and election commitments.

Budget Update 2024-25, p.12

Total Non-financial Public Sector borrowing is projected to rise from $106.4 billion in 2023-24 to $217.8 billion by 2027-28, which is $45.8 billion higher than the $172.0 billion projected in the June Budget.

Budget Update 2024-25, p.11

The $3 billion in unallocated savings proposed in the June Budget were reversed from the forward estimates because they had been announced but not allocated to agencies.

Budget Update 2024-25, p.10

Costed 2024 State General Election commitments totalling $4.052 billion in expenses, offset by $6.9 billion in identified savings, were incorporated; the net effect improves the operating balance across the forward estimates.

Budget Update 2024-25, p.10

Gross State Product growth for 2024-25 was revised down to 2½ per cent from 3 per cent at Budget, reflecting weaker private demand, while employment growth was revised up to 2½ per cent.

Budget Update 2024-25, p.5

The review identified emerging pressures including additional water infrastructure needs, potential downside to Queensland's GST share from the Commonwealth Grants Commission's 2025 Methodology Review, and potential native title compensation liabilities.

Budget Update 2024-25, p.10