Queensland Government debt is forecast to hit $218 billion by 2027-28.
In delivering a Mid-Year Fiscal and Economic Review, State Treasurer David Janetzki said capital project costs would rise from $107.3 billion at the 2024-25 Budget to $129.9 billion by 2027-28.
Treasurer Janetzki said there had been budgets blowouts of $4.2 billion in health projects, $3.1 billion in transport developments and $4.2 billion for energy, water and port projects.
He said the State Budget deficit for 2024-25 was now tipped to be $4.9 billion, up from $2.6 billion, with annual budget deficits of $9 billion projected for 2026-27 and 2027-28.
“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.
“We are working through the budget process and will take a calm and methodical approach (to budget repair).”
Treasurer Janetzki said the Government had already taken some action by cancelling the $37 billion Pioneer-Burdekin pumped hydro project, pausing the Best Practice Industry Conditions, establishing the Productivity Commission and setting up Queensland Government Consulting.
