Amy Remeikis reports in the Brisbane Times (7.6.16) on Treasurer Curtis Pitt’s announcement ahead of next week’s state budget that a downturn in mining royalties and other revenues will leave a sizeable dent in the government’s coffers.
‘In the grand tradition of getting the bad news out early, Queensland Treasurer Curtis Pitt has announced a $4.7 billion write-down in royalties and revenue ahead of next week’s budget hand down.
‘Having already confirmed he would follow through on what he announced in last year’s budget and look to the estimated $10 billion market surplus in the Defined Benefits Scheme to help fund future commitments, Mr Pitt announced a $2.7 billion drop in royalties and $350 million write-down in state taxes.
‘Over the forwards, that equates to about a $4.7 billion gap in the state coffers. Mr Pitt made that announcement in the same statement he spruiked Queensland’s low tax rate.’