Queensland Budget 2020/21: How will it affect you?

The recently-announced 2020-21 Budget for Queensland has been met with a very mixed reception. And while Queenslanders did a great job at effectively containing and ridding their state of COVID-19 rather quickly, which allowed a much speedier economic recovery than most other states (i.e. VIC, NSW, SA), they’re still heavily focused on delivering an increase in the number of jobs. That is, apparently, the ‘overarching objective’ of this Budget according to QLD Treasurer Cameron Dick MP.

But where specifically is the money actually being spent? To get a quick-and-easy idea of who the real winners are we’ve put together the following list of the industries who look to be benefiting the most.

Construction

The construction industry looks like it will benefit quite nicely, with the Budget allocating:

• $56 billion over 4 years on capital works & infrastructure
• 60% of entire capital spend to happen outside Greater Brisbane (Regional QLD construction)
• $1.9 billion towards infrastructure of schools
• $600 million (in addition to the Federal Government’s $1b) for trains in Maryborough
• $20 million over 4 years for the planning of new schools (while this isn’t immediate, the prospective near-future construction of schools will be a point of interest)

So while some of these are spread out over the next four years, the total spend allocation that will go towards construction and restoration across QLD is just north of a whopping $58.5 billion.

Hospitality/Tourism

One of - if not the - industries most heavily-affected by COVID-19 is of course hospitality and tourism. During the recent election campaign (Labor being the winners of said election, for those playing at home), the Labor party promised a $74 million investment towards the restoration of jobs and speed up the industry’s recovery which they’ve made good on in the Budget.

Health

Whether it’s become apparent that more needs to be spent in health due to the pandemic or not, it’s always going to benefit everyone to put more money into the health industry. This includes:

• $360.5 million extra for COVID-19 response support (available as required by Queensland Health, Queensland police and the Queensland Fire and Emergency Service)
• $265 million towards seven satellite hospitals across south-east Queensland
• Hiring over the next 4 years of 5,800 nurses and midwives, 1,500 doctors, 475 paramedics, and 1,700 new allied health professionals
• $100 million over 3 years for student wellbeing, including $4 million towards a pilot program where GPs will be placed in 20 state high schools of ‘greatest need’

Finance a new work vehicle or commercial equipment today

Between all of the tax breaks and instant asset write-offs of the Federal Budget that was announced on 6 October and this, there are some seriously good opportunities to increase and/or rejuvenate your existing business assets. So if you’ve been on the fence recently about whether or not to finance a new vehicle for your business and/or some commercial equipment that will help supercharge your operations and build your business into something bigger, there’s never been a better time!

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