QLD QLD Budget 2022

From the budget:

Queensland budget: Govt to levy more than $1b from big business for mental health

Looks like the QLD Labor party has been listening to The Greens. Take from the corporates, and give to the State. This time for mental health spending, we will see what comes next.

Extra Payroll Tax levy of 0.25% on taxable wage bill of more than 10M, and 0.5% for more than 100M.

The cynic in me says they could just reduce staff, or raise prices in order to cover the extra tax. In which case the public would pay anyway.

Also coming, the removal of the coal excise freeze - set to raise $1.2b over 4 years

Queensland increases coal royalties, insists no promise is broken

New taxes are coming for all to pay for the Covid Hangover... it's just a matter of when and how.

 

Anything mentioned on the proposed changes to Land tax?

 

pretty egregious this proposal, will make qld property investment pretty unattractive. fair chance it gets passed too with the greens having some power now...

 

Very much the same as Vic payroll tax increase.
In effect an increased tax on employing of staff but is dressed well to present to public.

This area of state budget is an additional mental health tax levy (can’t criticise that) and is only taxed on big corporates (evil etc).

Note the total payroll figures are likely national / group totals and are not just state payroll. Depends on details when passes.

Summary: Good PR spin for increasing taxes.

 

On basis of the overview it actually looks like a relatively balanced budget. realistic population growth, slightly aggressive unemployment forecast but at least they're planning for a managable level of debt.






By comparison, check out Victoria's budget debt forecasts..

That net debt figure... $167B by FY26!!! Leaves absolutely no buffer for anything to go wrong in the coming decade, the exact folly the WA Barnett government made from 2007 to 2013.