Queensland budget 2016: Treasurer to reveal plans to spend billions in surplus super
Today's Queensland budget will reveal what the Palaszczuk Government plans to do with money it is taking from the public servants' superannuation fund.
Treasurer Curtis Pitt said his second state budget would include a surplus and infrastructure for the regions, despite the loss of billions of dollars worth of forecast revenue and no new taxes.
The Government will look to a new source of funding — the public servants' superannuation fund.
It is estimated there is $10 billion more in the fund than is needed to meet its commitments.
How much money the Government will take and what it will be spent on remains to be seen.
Mr Pitt said there was more than enough money in the fund to cover entitlements.
"We need to make sure we're making our money go as far as possible," he said.
Premier Annastacia Palaszczuk said the Government was focusing on innovation and infrastructure.
"It'll be a budget that is measured, a budget that is responsible," she said.
The Government has also set aside $225 million for its Advance Queensland fund, Townsville stadium will get an extra $40 million and $5,000 will be added to the new homebuyers grant for 12 months.
But the Opposition has dismissed the superannuation move as a raid, with shadow treasurer Scott Emerson saying Labor was overspending.
"Who's going to pay?" Mr Emerson said.
"We can't have this magic pudding budget from Labor which says they'll have a spending spree over the last couple of days but no-one's going to pay for it - it doesn't make sense.
"What we see is typical Labor-nomics where we see a lot of money being spent but then claiming no-one's going to have to pay for it."
Hope for small business-friendly budget
RACQ spokesman Paul Turner said the budget needed to deliver funds to road and transport infrastructure projects to prevent the state from stalling.
"Transport infrastructure fulfils a number of key platforms — one: is obviously we get a better transport system but two: it creates jobs and it creates investment and it helps drive those businesses that can circulate around heavy construction," he said.
Chamber of Commerce and Industry Queensland spokesman Nick Behrens said the business community wanted to see a budget that delivered a surplus and had spending under control.
"We're confident that it will be a small business-friendly budget," he said.
"After all, the Premier has on at least two occasions promised us that it will be a small business-friendly budget — whether or not it's a budget though that does enough to transition the Queensland economy, that remains to be seen," he said.
The budget will be handed down at 2:30pm.
Source: ABC News