Labor's last budget update: Lies, debt and deficit
- Labor's last budget update reveals secret cost blowouts and unfunded services leading to $217.8 billion in debt by 2027-28.
- Labor leaves legacy of Australia's highest per capita debt of almost $40,000.
- $22.6 billion blowout in 4-year capital program, including blowouts of $4.2 billion in health projects, $4 billion for energy, water and port projects and $3.1 billion in transport projects through to 2028.
Labor's last budget update has revealed the $218 billion debt and deficit legacy of the former government's lies, waste and chaos.
The Mid-Year Fiscal and Economic Review (MYFER) outlines how Labor's reckless fiscal management generated the deepest deficits in Queensland history, at $9 billion each year in 2026-27 and 2027-28, driving debt to double in four years.
Total government debt is forecast to hit $218 billion by 2027-28, almost $40,000 for every man, woman and child in Queensland, the worst per capita debt burden of any state in the nation.
Capital project costs will rise from $107.3 billion at the 2024-25 Budget to $129.9 billion by 2027-28, following significant hidden blowouts including $4.2 billion in identified health projects, $3.1 billion in transport developments, and $4.2 billion for energy, water and port projects.
Labor's announced but unfunded service delivery commitments drive a deterioration of the deficit in 2024-25 to $4.9 billion, up from $2.6 billion.
Treasurer David Janetzki said the MYFER set out the true financial future Queenslanders faced under Labor.
"Labor's last budget update reveals the lies and deceit of the former Labor Government's hidden blowouts and unfunded essential services," Treasurer Janetzki said.
"Under Labor, Queensland would have been saddled with $218 billion in debt. This would have had real-world costs for Queenslanders, impacting programs and services.
"Today we confirm our promise that debt will be lower under the LNP than Labor's $218 billion debt disaster.
"Labor's mess was a decade in the making, and it is now our challenge to overcome. We are up for that challenge.
"The Government has already taken decisive action to cancel the $37 billion Pioneer-Burdekin pumped hydro project, pause the CFMEU tax, establish the Productivity Commission and set up Queensland Government Consulting.
"We are working through the budget process and will take a calm and methodical approach to deal with Labor's deception, so we deliver on our promises to tackle Labor's youth crime, health, housing and cost of living crises."
Finance Minister Ros Bates said Labor put the state on a path to financial failure.
"Today we have delivered on our promise to the public service, that we are saving their frontline jobs from Labor's debt disaster," Minister Bates said.
"Queensland needs more doctors, nurses, teachers, police and paramedics, and Labor's last budget update reveals it is only the LNP who can deliver them.
"Labor's ledger would have seen children in the care of Child Safety on the streets, a shortfall of nurses and doctors, and classrooms without teacher aides.
"Everyday Queenslanders would have experienced Labor's debt and deceit through cuts, crime and chaos in public services.
"Labor's ticking debt bomb would have impacted each and every Queenslander for years to come."
