Queensland Treasurer
Curtis Pitt
November 2, 2017

The 2016-17 Report on State Finances showing the final outcomes of last year’s State Budget confirm Queensland had a $2.821 billion surplus and reduced its debt by $1 billion.

“This is a strong and solid result that shows our sound financial management is backing a strong and solid economy that’s growing and creating jobs,” Treasurer Curtis Pitt said on Thursday.

“The 2016-17 Report on State Finances is more hard data that shows our economic plan, including our debt action plan, is working for Queenslanders.

“We’ve delivered the highest surplus in a decade, cut debt, and delivered a better debt-to-revenue ratio which is a key indicator ratings agencies consider.”

Mr Pitt said the report confirmed the State Government’s economic plan was working.

Key outcomes included:

  • A $2.821 billion actual 2016-17 net operating balance — the highest surplus in the past 10 years
  • General government borrowings were $33.26 billion, an improvement of $677 million from the Budget
  • General government sector gross borrowing decreased by $2.226 billion
  • Debt including government-owned corporations fell to $71.9 billion from $72.9 billion
  • Interest costs were $498 million lower due to the government’s Debt Action Plan
  • The general government sector recorded negative net debt of $287 million, which means financial assets exceeded liabilities, the first time since 2011-12 that negative net debt has been achieved
  • Debt-to-revenue ratio improved (ie decreased) from 70% in 2015-16 to 59% in 2016-17

“We have achieved all this through our economic plan and without cutting jobs, frontline services, or selling assets,” Mr Pitt said.

“The 2016-17 State Budget was already forecast to be in surplus before a spike in coal prices and subsequent higher royalty returns helped deliver the $2.82 billion surplus detailed in the report.

“The Report on State Finances reflects an improved economic performance.”


 

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