Curtis Pitt
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.”
- External link: 2016-17 Report on State Finances
