{"id":194446,"date":"2017-11-02T18:45:38","date_gmt":"2017-11-02T08:45:38","guid":{"rendered":"http:\/\/southburnett.com.au\/news2\/?p=194446"},"modified":"2020-09-26T16:01:54","modified_gmt":"2020-09-26T06:01:54","slug":"treasurer-says-state-finances-improving","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2017\/11\/02\/treasurer-says-state-finances-improving\/","title":{"rendered":"Treasurer Says State Finances Improving"},"content":{"rendered":"<p><figure id=\"attachment_99883\" aria-describedby=\"caption-attachment-99883\" style=\"width: 200px\" class=\"wp-caption alignright\"><a href=\"http:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2015\/03\/curtis-pitt.jpg\"><img loading=\"lazy\" src=\"http:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2015\/03\/curtis-pitt.jpg\" alt=\"\" title=\"Curtis Pitt\" width=\"200\" height=\"350\" class=\"size-full wp-image-99883\" srcset=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2015\/03\/curtis-pitt.jpg 200w, https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2015\/03\/curtis-pitt-171x300.jpg 171w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/a><figcaption id=\"caption-attachment-99883\" class=\"wp-caption-text\">Queensland Treasurer<BR> Curtis Pitt<\/figcaption><\/figure><strong>November 2, 2017<\/strong><\/p>\n<p>The 2016-17 Report on State Finances showing the final outcomes of last year\u2019s State Budget confirm Queensland had a $2.821 billion surplus and reduced its debt by $1 billion.<\/p>\n<p>&#8220;This is a strong and solid result that shows our sound financial management is backing a strong and solid economy that\u2019s growing and creating jobs,&#8221; Treasurer Curtis Pitt said on Thursday.<\/p>\n<p>&#8220;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.<\/p>\n<p>&#8220;We\u2019ve 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.&#8221;<\/p>\n<p>Mr Pitt said the report confirmed the State Government\u2019s economic plan was working. <\/p>\n<p><strong>Key outcomes included:<\/strong><\/p>\n<ul>\n<li>A $2.821 billion actual 2016-17 net operating balance \u2014 the highest surplus in the past 10 years\n<\/ul>\n<ul>\n<li>General government borrowings were $33.26 billion, an improvement of $677 million from the Budget\n<\/ul>\n<ul>\n<li>General government sector gross borrowing decreased by $2.226 billion\n<\/ul>\n<ul>\n<li>Debt including government-owned corporations fell to $71.9 billion from $72.9 billion\n<\/ul>\n<ul>\n<li>Interest costs were $498 million lower due to the government\u2019s Debt Action Plan\n<\/ul>\n<ul>\n<li>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\n<\/ul>\n<ul>\n<li>Debt-to-revenue ratio improved (ie decreased) from 70% in 2015-16 to 59% in 2016-17\n<\/ul>\n<p>&#8220;We have achieved all this through our economic plan and without cutting jobs, frontline services, or selling assets,&#8221; Mr Pitt said.<\/p>\n<p>&#8220;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.<\/p>\n<p>&#8220;The Report on State Finances reflects an improved economic performance.&#8221; <\/p>\n<ul>\n<li><strong>External link: <a href=\"https:\/\/www.treasury.qld.gov.au\/resource\/report-state-finances\/\" TARGET=\"_blank\">2016-17 Report on State Finances<\/a><\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The 2016-17 Report on State Finances showing the final outcomes of last year\u2019s State Budget confirm Queensland had a $2.821 billion surplus and reduced its debt by $1 billion.<\/p>\n","protected":false},"author":3,"featured_media":277865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Treasurer Says State Finances Improving<\/title>\n<meta name=\"description\" content=\"The 2016-17 Report on State Finances showing the final outcomes of last year\u2019s State Budget confirm Queensland had a $2.821 billion surplus and reduced its debt by $1 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2017\/11\/02\/treasurer-says-state-finances-improving\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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