QLD Budget 2016/17

[ozbob]

Sent to all outlets:

28th April 2016

Victoria shows Queensland what to do!

Greetings,

No doubt keen observers have noted the Victoria's Budget delivered yesterday is a massive investment in rail for the future.

We need roads but we desperately need proper investment in the future transport task for Queensland that does not compound the road centric failures.  Rail is languishing, just building wider and wider roads is not going to do much in the end.

Investment is required now in rail, particularly the Sunshine Coast Line upgrade and Cross River Rail to address the imbalances accrued over the last years of road centric transport failure.

Bulk freight must be moved from roads back to rail.  Our communities throughout Queensland are being smashed.

Best wishes
Robert

Robert Dow
Administration
admin@backontrack.org
RAIL Back On Track http://backontrack.org

Reference:

Getting It Done: Jobs, Hospitals, Schools And Transport http://www.premier.vic.gov.au/getting-it-done-jobs-hospitals-schools-and-transport/

[ozbob]

Rail Express --> ARA praises Vic's rail spending

Australasian Railway Association boss Danny Broad has praised "an historic budget for Victoria," welcoming the full funding of the Melbourne Metro project and extensive regional rail spending.

"The economic benefits to regional Victoria through the creation of jobs, urban revitalisation and growth, not to mention a more reliable and efficient regional rail network, will benefit generations to come," Broad said following the budget's release on Wednesday.

"Governments frequently issue reports and strategies, but they rarely follow through on them."

Broad welcomed a $1.3 billion investment in regional infrastructure, which includes $518 million to upgrade the Ballarat line, $280 million to order 27 new V/Locity carriages from Bombardier, and $131 million to increase passenger services on the V/Line network.

"The duplication of a 17-kilometre stretch of single-track on the Ballarat line between Deer Park West and Melton, as well as additional passing loops along the corridor, will improve reliability and frequency of services significantly," Broad said.

"The additional $280 million investment in 27 new V/Locity carriages will create an extra 2,000 extra spaces across the regional network, offering passengers a more comfortable, punctual and reliable journey."

He also welcomed the announcement of funding to duplicate the single track between Heidelberg and Rosanna, on the Hurstbridge line.

"The Victorian Government's recognition that Melbourne's north-east corridor is congested and unreliable is welcome," Broad said.

As for the budget's 'centrepiece' – the full state funding of the Melbourne Metro tunnel, Broad said: "The Victorian Government's recognition that this vital project is long-overdue and must be fully-funded immediately is the kind of visionary policy-making rarely seen from a state government.

"This is a visionary budget from the Daniels Government that has placed the people of Victoria as its centrepiece."

[kram0]

Oh how nice it would be to have a government that actually have a clue in how to run the state. Anna2 please take note!!

[verbatim9]

Vic has a great budget. Its the most deregulated state in Australia. Has no minerals. Letting the people get on with business, from retail to tourism and innovation. Qld can do the same provide a deregulated environment so its easy to open a store and trade when you want. Charge land Taxes for revenue and sell off old assets where you can and build new assets with the money. e.g. (CRR), Rail duplication to Nambour, Train to Gold Coast Airport. 3 lane 120kph freeway to Bundaberg. More freight moved to rail. When you provide these things like convenience of open supermarkets and infrastructure, you provide an attractive environment for people to come and live and work and positvely contribute to the local economy.

[ozbob]

Couriermail --> Victoria's asset reform strategy shunned by Queensland Labor

THE Queensland Government will not consider leasing assets despite the Victorian Government this week unveiling an ambitious infrastructure program based largely on unlocking billions of dollars by offloading assets.

While Queensland is currently relying on the Federal Government to help fund its Cross River Rail ambitions, the Victorian Labor Government this week announced it would go it alone with its $10.9 billion Metro Rail project.

What ideas and projects do you think will drive jobs and economic activity in Queensland? Comment below, tweet using #GoQld or email goqld@news.com.au

Infrastructure Partnerships Australia chief executive Brendan Lyon said: "If you look at what is possible in NSW and Victoria, where the public sector's gone and found the money by leasing assets, and then you see what's not happening in Queensland, the case for asset reform becomes pretty clear."

Transport Minister Stirling Hinchliffe yesterday said the Government believed it was "presenting the most enticing funding model and design on offer for both private and Federal Government investment".

"The delivery authority will be charged with using innovative funding, like value sharing, to deliver the project," Mr Hinchliffe said.

The Andrews Government originally went cap-in-hand to Prime Minister Malcolm Turnbull, but Treasurer Tim Pallas announced the state would forge ahead with the rail project and fund it itself, helped by the billions expected to flow from privatisation.

Meanwhile, the Palaszczuk Government's $5 billion Cross River Rail proposal will likely require Canberra to stump up a colossal sum of cash to get the significantly cheaper project off the ground.

Metro Rail will include a pair of 9km tunnels with five underground stations.

Cross River Rail's alignment will feature almost 6km of tunnel and five new stations, including an underground station at ­Albert St.

While Queensland is yet to announce how it plans to fund the project, other than public discussions about value-capture models that would be considered, the Victorian Government has already set aside more than $2.8 billion over the forward estimates for its project and has promised $6.4 billion will flow from future budgets.

The state is in a vastly different fiscal position to the Sunshine State, with operating surpluses of $9 billion forecast over the forward estimates period. Net debt is expected to drop below 5 per cent of gross state product over the period of those estimates.

Population growth, migration, construction, strong expected land tax and stamp duty revenue and a solid GST haul have all been pointed to as factors driving Victoria's enviable Budget position.

But a significant portion of the state's infrastructure spend will also be funded through its willingness to put assets into private hands.

The Palaszczuk Government has repeatedly said it would not be turning to asset sales following the pro-privatisation Newman government's defeat at the last state election.

[ozbob]

Sent to all outlets:

30th April 2016

Queensland Government is ' frozen at the wheel ' ...

Good Morning,

We are living in a fools paradise here in Queensland.  There is as much chance of the Feds funding Cross River Rail as travelling to the moon tomorrow morning folks.

As pointed out in the Courier Mail today [  Victoria's asset reform strategy shunned by Queensland Labor ] other states are getting on with essential infrastructure.

As far as significant real pipeline for transport projects for the future the Queensland State Government is truly ' frozen at the wheel '.   A myriad of plans that keep getting rolled over is nothing but hyperbolic spin.

No real surprise is it?   A Government that has failed to deliver the fare review, cannot find the courage to reform the failing bus network, cannot even manage to lead ' rear door boarding ' on buses -  an absolute no-brainer as we have pointed out numerous times [ All Door Bus Boarding for Brisbane - discussions ] speaks loudly.

The Queensland Labor Government has treated their core constituency in an appalling manner.  This is going to prove politically very costly down the track for sure.

It has been Labor Queensland policy to introduce concession fares for the unemployed since September 2014.  We are still waiting, Queensland is the only state and territory that does not give concession fares to the unemployed.  Labor simply cannot be trusted anymore.  Sadly, the LNP is not any better in our opinion.  Politics in Queensland is a farce.

Best wishes
Robert

Robert Dow
Administration
admin@backontrack.org
RAIL Back On Track http://backontrack.org

Sent to all outlets:

28th April 2016

Victoria shows Queensland what to do!

Greetings,

No doubt keen observers have noted the Victoria's Budget delivered yesterday is a massive investment in rail for the future.

We need roads but we desperately need proper investment in the future transport task for Queensland that does not compound the road centric failures.  Rail is languishing, just building wider and wider roads is not going to do much in the end.

Investment is required now in rail, particularly the Sunshine Coast Line upgrade and Cross River Rail to address the imbalances accrued over the last years of road centric transport failure.

Bulk freight must be moved from roads back to rail.  Our communities throughout Queensland are being smashed.

Best wishes
Robert

Robert Dow
Administration
admin@backontrack.org
RAIL Back On Track http://backontrack.org

Reference:

Getting It Done: Jobs, Hospitals, Schools And Transport http://www.premier.vic.gov.au/getting-it-done-jobs-hospitals-schools-and-transport/

[ozbob]

Couriermail --> Editorial: Queensland needs reform and innovation to combat problems identified in CommSec's State of the State report

[verbatim9]

Can we assume that the fare review is in limbo while Qld Govt worked out what it would get from the feds towards the state budget?  That would determine how Qld switches its money around in the transport space.  The lack of any information about the timing of the fare review announcement and implementation runs counter to Labor promises of an open and accountable government.  This stage government only looks good due to the infighting in the LNP over leadership.

They have to stop relying on the Feds. QLD knows the rules, if we don't lease assets why should be get extra funding for anything. Anna2 and Trad have no clue at all. They need to sail the ship they have been given.

Agree! There is money to be had from asset recycling and competition reform (HarperReview) implementation which then equates into Federal incentive payments to the states that implements the Harper Review reforms in full. As far as I am aware Qld has done nothing on this front, except for a review into Ride Sharing Apps. Other states have implemented if not 80% of the Harper review measures but nearly all incl SA WA and TAS + asset recycling. Therefore those other States do deserve the budget funding from doing the hard yards and implementing reform.

[Stillwater]

In today's Courier-Mail, the Premier says the 2016-17 state Budget will have a regional jobs component.  In the face of falling poll numbers, she says she will 'work harder'.  It is possible to work harder at doing nothing, I suppose.  The story reads:

"State Cabinet yesterday held what Ms Palaszczuk called a 'very frank discussion' about the Government's parlous poll position with ministers resolving to better sell the administration's message. While there is no talk of leadership change, Labor MPs are growing increasingly nervous about the party's continual decline, with Deputy Premier Jackie Trad viewed by some as Ms Palaszczuk's likely successor."

Political parties don't get it.  They think recycling political leaders will do the trick and that all the negative attitude will depart with the fallen leader.  Queenslanders don't so much want a Premier who will 'work harder', but one that makes the hard decisions.  No doubt Anna Palaszczuk will appoint a committee to advise her, or come up with another plan for her to launch -- creating the impression that something is about to happen, when it won't.  Any switch to Ms Trad would merely be a change of lipstick gloss and hair-do.

[#Metro]

We don't need another stupid message or review.

OPEN THE BUS BACK DOOR.

Not everything can be solved with public relations! You actually have to deliver actual actions!

[ozbob]

Twitter

Steven Wardill ‏@stevenwardill 5 minutes ago

. @Curtis_Pitt_MP confirms he'll look at investing defined benefit scheme surplus in infrastructure as outlined in last year's Budget.

[ozbob]

Couriermail --> Treasurer Curtis Pitt says super fund cash will be used for infrastructure

TREASURER Curtis Pitt has confirmed plans to "repatriate" even more money from the state's defined benefits superannuation fund to pay for infrastructure.

Mr Pitt last year moved to redirect $2 billion due to be paid into the public servants' fund over five years into debt repayments instead and flagged the potential to use some of the fund's estimated $10 billion surplus to invest in government-owned corporations or build infrastructure prioritised by Building Queensland.

BQ is currently working on the business case for Cross River Rail.

"Today I can confirm that the Government is considering a range of options including repatriating a portion of the large surplus in the QSuper Defined Benefit Scheme, in accordance with advice from the State Actuary," Mr Pitt told State Parliament.

"Our strategy, including our Debt Action Plan, is aimed at reducing general government sector debt while also allowing us to invest in the infrastructure our growing State needs.

"This is a continuation of the budget strategy we made clear to Queenslanders last year. ...

More --> http://www.couriermail.com.au/news/queensland/treasurer-curtis-pitt-says-super-fund-cash-will-be-used-for-infrastructure/news-story/9071d3064e569a33e6b420bc04ddddcb

[ozbob]

ABC News --> Queensland Government poised to raid pubic servants' super to fund infrastructure

Queensland public servants' superannuation fund looks set to be raided to pay for infrastructure when the Palaszczuk Government hands down its second budget in three weeks.

Treasurer Curtis Pitt told Parliament the defined benefits scheme was in good shape and had a $10 billion surplus.

"I can confirm the Government is considering a range of options including repatriating a portion of the large surplus in the QSuper defined benefits scheme," he said.

"Our strategy, including our debt action plan, is aimed at reducing general government-sector debt while also allowing us to invest in the infrastructure that our growing state needs.

"Most importantly we're doing that without asset sales."

In last year's budget, Mr Pitt gave the Government a five-year 'holiday' from contributing to the fund.

Today, he said tapping into the scheme was a continuation of the strategy made clear to Queenslanders in 2015, and that public servants had nothing to fear.

"I can confirm that the Government remains committed to the legislative guarantee that ensures the security of entitlements under the defined benefits fund," Mr Pitt said.

"I can confirm that all defined benefit member entitlements will continue to be paid in full as they fall due.

"And contrary to the scaremongering of the LNP, I can confirm the defined benefit scheme will continue until the retirement of the last current members of the scheme.

"If all of the 49,000 members of the benefit scheme decided at 9am tomorrow to leave the Government and cash-in, the scheme would still be in surplus after every single entitlement was paid.

"I can confirm that no changes will be made to the accumulation superannuation that the majority of public servants use."

Mr Pitt said the state actuary advised that the defined benefits scheme's assets exceeded liabilities by more than $10 billion on a funding basis at 30 June, 2015.

He said the surplus was now sufficiently large to consider the option of repatriation of a portion of over-funded contribution.
Treasurer caught out, opposition says

But the State Opposition Leader Tim Nicholls labelled the move "another sign of incompetence by this Labor Government".

"Curtis Pitt is not only abandoning a policy that has served Queensland and its employees and it superannuants well for many many decades, he is abandoning a legacy of bipartisan support for not raiding superannuation funds," Mr Nicholls said.

"He never promised it, he never spoke about it in the lead up to the election in 2015.

"He said he could pay for things without selling or leasing assets, he said he could do it out of his own resources, out of what was already there.

"It's been proved to be a lie, he's been caught out and now he's raiding the superannuation fund"

Mr Nicholls said superannuation must be invested in things that provide a return and earn income.

"You can't use it as a hollow log it shouldn't be used," he said

"You've heard me quote from three Labor luminaries Peter Beattie, Andrew Fraser, Terry Mackenroth about the importance of keeping that superannuation fund in place in tact to ensure that you can weather the storms the ups and downs that occur in financial markets."

The Queensland budget will be handed down on June 14.

[ozbob]

Brisbanetimes --> State looks at creative accounting to balance budget

[ozbob]

Media Release
Treasurer, Minister for Aboriginal and Torres Strait Islander Partnerships and Minister for Sport
The Honourable Curtis Pitt

Another LNP scare campaign

Three weeks from today I will hand down the second Budget of the Palaszczuk Government.

At last year's state election, Queenslanders made their voice heard loud and clear.

They elected this Government because we said we would deliver job-creating infrastructure without selling assets.

This is what we intend to do in the Budget on June 14.   

We will adhere to our Fiscal Principle of targeting full funding of long-term liabilities in accordance with actuarial advice.

This time each year the Opposition would usually be asking me to rule in or out various actions in the Budget.

And normally I'd refrain from commenting on Budget speculation.

But today I can confirm that the Government is considering a range of options including repatriating a portion of the large surplus in the QSuper Defined Benefit Scheme, in accordance with advice from the State Actuary.

Our strategy, including our Debt Action Plan, is aimed at reducing general government sector debt while also allowing us to invest in the infrastructure our growing State needs.

This is a continuation of the Budget strategy we made clear to Queenslanders last year.

It is a continuation of our whole-of-government balance-sheet management.

Most importantly we are doing that without asset sales.

Last year we saw a scare campaign from the LNP. I can confirm that the Government remains absolutely committed to the fiscal principle of targeting full funding of long-term liabilities in accordance actuarial advice.

I can confirm that the Government remains committed to the legislative guarantee that ensures the security of entitlements under the defined benefit fund.

I can confirm that all defined benefit member entitlements will continue to be paid in full as they fall due.

And contrary to the scare mongering from the LNP, I can confirm that the defined benefit scheme will continue until the retirement of the last current members of the scheme.

As I stated at Estimates last year — if all of the 49,000 members of the defined benefit scheme decided at 9am tomorrow to leave the government and cash in – the scheme would still be in surplus after every single entitlement was paid.

The defined benefit scheme has been closed to new members for several years.

I can confirm that no changes will be made to Accumulation superannuation that the majority of public servants use.

The State Actuary confirmed last year that the defined benefit scheme is in a very strong financial position.

As I said at Estimates, the State Actuary advised that defined benefit scheme assets exceeded accrued liabilities by more than $10 Billion on a funding basis at 30 June 2015.

The surplus is now sufficiently large to consider the option of repatriation of a portion of the over-funded contribution.

Queensland is the only Australian jurisdiction to fully fund its defined benefit superannuation liabilities.

While Queensland's defined benefit scheme is in a significant surplus:

    New South Wales has an un-funded liability of $52 Billion
    Victoria's un-funded liability is $26 Billion
    South Australia has nearly $13 Billion in unfunded liabilities
    Western Australia's unfunded liabilities total nearly $8 Billion.

We intend to manage the Queensland scheme in a manner which minimises overfunding of the scheme, while maintaining we can meet all liabilities as they occur.

Queensland will remain the only State to retain a more than 100% fully funded Scheme.

This will continue to be the case under a Palaszczuk Government.                                                                                                   

The purpose of this Government is single minded.

More Jobs for Queenslanders.

This is what the Premier and I and all of the ministers of this Government have on our agenda every single day.

We are working to strengthen the Queensland economy to provide the jobs Queenslanders need, and we will have a focus on regional Queensland.

We will achieve economic growth and a strong budget position, without selling assets.

There can be no clearer contrast.

The LNP continues to tell the media all they need to get asset sales up in the future is a more "succinct and clearer campaign"

We know the Leader of the Opposition wants to sell 49% of Powerlink, he has been backgrounding journalists on it.

It's time for the leader of the Opposition to come clean and tell Queenslanders his plans to sell their Assets.

[#Metro]

Queensland's defined benefit scheme is in a significant surplus:

    New South Wales has an un-funded liability of $52 Billion
    Victoria's un-funded liability is $26 Billion
    South Australia has nearly $13 Billion in unfunded liabilities
    Western Australia's unfunded liabilities total nearly $8 Billion.

This is like comparing a rotten banana to a rotten apple, rotten water melon and rotten mandarin. All the others are rotten, so ours must be good!

The numbers look big, but my guess that this surplus is somewhere in the 1-5% range. Investment returns can dive suddenly also.

[Stillwater]

I posted this elsewhere, in another thread, but worthwhile reproducing here:

People with more economic experience than State Government Ministers and Mr Pitt are commenting on the plan to raid public service super funds for infrastructure projects.  This quote from today's Australian newspaper is worthy of note:

Griffith University professor of economics, Tony Makin, said there was a risk the state government would overspend on unproductive infrastructure. "We could end up with a version of bridges and roads to no-where phenomenon that would act as a net drain on the economy," he said.

He might have been referring to the Townsville Stadium and its negative BCR.

[#Metro]

Griffith University professor of economics, Tony Makin, said there was a risk the state government would overspend on unproductive infrastructure. "We could end up with a version of bridges and roads to no-where phenomenon that would act as a net drain on the economy," he said.

Gov't raids public servant super for Townville Stadium and Quack Metro. I love it!! 

There is no reason to raid anything. Interest rates are at rock bottom. Plenty of assets in the kitty.

[James]

Political parties don't get it.  They think recycling political leaders will do the trick and that all the negative attitude will depart with the fallen leader.  Queenslanders don't so much want a Premier who will 'work harder', but one that makes the hard decisions.  No doubt Anna Palaszczuk will appoint a committee to advise her, or come up with another plan for her to launch -- creating the impression that something is about to happen, when it won't.  Any switch to Ms Trad would merely be a change of lipstick gloss and hair-do.

Its because a big leadership coup and a song-and-dance can deliver you 3 more years of government if you time it right. Just ask Julia Gillard and the ALP. Almost did it a second time when Kevin came back (then everybody remembered how smug he was).

A defined benefit scheme is essentially assets bought by the state using super contributions to cover the payments it needs to make in the future - a giant super fund, in short. The surplus only means that the assets of the defined benefit scheme (DBS) are greater than the liabilities - there is no "cash" lying around, and changes in asset prices (or interest rates, or an increase in the liability) could easily wipe this out. Essentially what they'd be doing is borrowing against the assets of the DBA, just not calling it 'borrowing' - either that or selling some of the assets in the DBA. ASSET SALE!!!

Really it is just creative accounting, pretty simple.

[Arnz]

I'd say Cameron Dick is the dark horse should the Qld ALP have any sort of spill anytime soon.  He was mentioned back in 2013 as the "next leader" outside of the party (ala Newman). 

The innuendo jokes about Mr Shorten and Mr Dick (should Mr Dick stand in any spill and be successful in conjunction with Mr Shorten winning the federal election) would probably be endless.

[ozbob]

Couriermail --> Queensland public service: Ex-Treasury official warns of super fund move

A FORMER Queensland Treasury official has warned that the Palaszczuk Government's planned raid on public servant superannuation could have long-term cost implications for the state.

Treasurer Curtis Pitt yesterday confirmed the Government was considering "repatriating" money in the state's defined benefits scheme to fund infrastructure in next month's State Budget.

The $34 billion fund, which is managed by Queensland Investment Corporation, currently has more than $10 billion in cash and assets beyond what is needed to fully finance the retirements of its 49,000 members.

Last year's Budget outlined plans to invest the scheme's funds into government-owned corporations, freeing up money to pay down debt. However, the Government now looks set to rip billions of dollars out of QIC to directly bankroll a growing backlog of public infrastructure.

Adept Economics' Gene Tunny, a former Queensland Treasury official, said while there was scope for some repatriation, the raid could expose the state's coffers to market fluctuations.

"I would be concerned about that," he said. "I would prefer that money that is set aside for a particular purpose be used for that purpose."

More --> http://www.couriermail.com.au/news/queensland/queensland-government/queensland-public-service-extreasury-official-warns-of-super-fund-move/news-story/effd2b237d00c688e5786a3ce38318d3

[ozbob]

Is this a good time to mention the Queensland Plan ?

[ozbob]

[Stillwater]

Will we have a Queensland in 30 years time?  But we have a plan for it.  Whoo-hoo!

On second thoughts, let's rewrite the 30-year plan in two years time, just to get the planning right.

I note that Queensland is getting so good at this planning caper that we are winning awards for them.

RailBOT should sponsor an annual award for the 'best named plan'.  I note that the plan names must contain words that create the impression of momentum.  Thus we get names like 'The Queensland Growth Strategy', 'The Moving Queensland Forward Plan', the 'Reshape our Cities Plan', 'Liveable Communities Plan' 'The South-east Queensland Infrastructure, Investment and Implementation Plan".  (It doesn't matter if we don't implement it, or reach the targets - we just revise the targets in another version of the same plan.)  In the white collar version of making work by having people continuously paint rocks white, we have public servants do CRR planning over and over.  Or, as if they had nothing better to do, the government has them prepare EIS studies for the SCL, only to have the environmental approval lapse, triggering the need for a new EIS.

As for Mr Pitt's statement that: "If all of the 49,000 members of the defined benefit scheme decided at 9am tomorrow to leave the government and cash in – the scheme would still be in surplus after every single entitlement was paid. "  Most of those in a defined benefit scheme don't take the option of cashing in -- they hope to live to 100 and draw down their super entitlement continuously until the day they die.  Mr Pitt should not be focussing on the cash-in option, but on the liability of 49,000 people spending whatever they are entitled to from aged 60 (when many retire) to aged 85.  That's 25 years' 'salary' for all 49,000 people, with super payments pegged to inflation.

[Stillwater]

I suppose we had to have one, but as revealed in State Parliament today, Queensland has a Commonwealth Games Transport Operations Plan

[ozbob]

 Media Release
Treasurer, Minister for Aboriginal and Torres Strait Islander Partnerships and Minister for Sport
The Honourable Curtis Pitt

LNP sinks to new low in baseless scare campaign

Treasurer Curtis Pitt says the LNP's destructive campaign to talk down Queensland sunk to a new low today when the opposition tried to suggest the QSuper defined benefit scheme is making a loss.

"I believe that the two LNP MPs — Scott Emerson and John-Paul Langbroek — making the baseless claims may have misled State Parliament," Mr Pitt said.

"Today question time the LNP asked prepared questions to wrongly suggest the defined benefit fund had recorded an $855 million loss for the half-year to the end of December 2015.

"This is totally untrue and designed to scare members of the defined benefit scheme.

"The scheme remains in surplus and as I have said many times, its liabilities are fully funded and will be met.

"I repeat, if every member of the defined benefit scheme left government service tomorrow all their benefits would be met in full."

Mr Pitt said Opposition Leader Tim Nicholls should explain why he, as a former Treasurer, allowed such misleading questions to be asked.

He said the figure in the Queensland Treasury Corporation's half-yearly report was wrongly cited by Mr Emerson and Mr Langbroek as a loss by the defined benefit scheme.

"It is not a loss by the defined benefit scheme which remains in surplus," he said.

"It represents the outcome in a very specific transaction which the QTC undertakes as part of its overall investment activities.

"It is the difference in investment returns from state government long-term assets such as super funds — that are paid to the QTC under a long-standing arrangement — and fixed-rate returns the QTC made to the government over the half-year, and could change before the end of the financial year," Mr Pitt said.

[Stillwater]

Do we know the date on which the State Budget will be brought down?

[ozbob]

Do we know the date on which the State Budget will be brought down?

14 June 2016

[Stillwater]

Interesting quote from Curtis Pitt:

"In the 2016-17 Budget state taxes per person in Queensland are forecast to be $2,697 — that's a full $766 per person less than the $3,463 average for other states and territories."

Does that mean that Queenslanders should have lower expectations when it comes to what the state government can do for us with the $2700, roughly, each of us plonks in the kitty?

[ozbob]

Brisbanetimes --> Curtis Pitt announces $4.7b hole in state's coffers

We'll all be rooned said Hanrahan!

[#Metro]

"In the 2016-17 Budget state taxes per person in Queensland are forecast to be $2,697 — that's a full $766 per person less than the $3,463 average for other states and territories."

Wouldn't it be easier to collect this as a (tiered) land tax? It would be say four payments of $875 per quarter. It would be lower than this for most people because of a subset of luxury higher value properties and land in the CBD.

You would get rid of stamp duty and most other taxes / lower taxes this way.

Though on second thoughts, I wonder if there is some trickery in this quoted figure. It says taxes - so which taxes are that? I guess all the fines revenue is excluded, and royalties and whatever state-owned companies extract out of the power bill as 'profit' which then gets sent back to State Treasury.

A more truthful metric would be expenditure per person.

[ozbob]

Couriermail --> Queensland Budget $4.7b black hole 'won't impact infrastructure, innovation'

[ozbob]

Brisbanetimes --> 'Time to start talking about tax rate': Pitt ahead of budget

[ozbob]

Brisbanetimes --> Queensland Budget 2016: New Home Owners grant for one year

[ozbob]

Media Release
Treasurer, Minister for Aboriginal and Torres Strait Islander Partnerships and Minister for Sport
The Honourable Curtis Pitt

Palaszczuk Government commits extra $40M to deliver $140M for Townsville Stadium

The 2016-17 Queensland State Budget will allocate an additional $40 million to building Townsville's stadium, on top of the $100 million already allocated.

This additional funding has been unlocked because of a partnership reached with the NRL and the Cowboys, who will provide an upfront payment of $10 million towards the construction of the stadium. This will represent a prepayment of the rental by the Cowboys for the use of the stadium, on terms to be negotiated.

Townsville City Council will also contribute the land that the Stadium will be built on.

Treasurer and Minister for Sport Curtis Pitt said he was 100 per cent committed to this catalytic project to deliver the jobs, economic uplift and investment associated with a project of this scale for Townsville.

"The Palaszczuk Government's commitment to delivering this project is unwavering and our $140 million contribution is testament to that," Mr Pitt said.

"But the State Government alone cannot deliver this project for North Queensland and so far only Bill Shorten has pledged the remaining $100 million needed.

"This stadium will be an economic activator for the city in terms of post-game activity, it also boasts future plans for further expansion with a potential entertainment centre and there will be value uplift from the development of new properties within the priority development area.

"It will also deliver 700 jobs during the construction phase as well as on-going jobs in hospitality, new tourism opportunities and major events."

Minister Assisting the Premier on North Queensland Coralee O'Rourke said it was time to stop passing the political football and start kicking goals.

"The Turnbull Government failed once already to provide any funding when they could have, in the recent 2016-17 Federal Budget," Ms O'Rourke said.

"The choice for Townsville is clear – It's a choice between jobs, construction, investment and rejuvenation under Labor or another term of nothing under Ewen Jones and a Liberal Government in Canberra that clearly doesn't understand regional Queensland.

"Herbert MP Ewen Jones needs to be able to look his constituency in the eye and tell locals whether or not he can deliver this crucial piece of infrastructure."

State Development Minister and Minister for Natural Resources and Mines Dr Anthony Lynham said the only barrier to building was now the Turnbull Government.

"The Townsville City Council has committed to provide land for the project within the Townsville City Waterfront Priority Development Area," Dr Lynham said.

"The State Government provided a business case to the Federal Government late last year recommending a $250 million centrally located best-practice regional stadium with a seated capacity of 25,000."

Townsville MP Scott Stewart said the preferred option would also allow for the integration of an entertainment centre component at a future date, should funding become available.

"We need to have an eye to the future and we need to be planning for that future to rejuvenate and grow our region," Mr Stewart said.

"What we don't need are excuses from a Federal MP who clearly hasn't done the hard work needed to deliver."

"Thuringowa MP Aaron Harper said the time for talk was over.

"If the Turnbull Government wants Townsville to take them seriously, they need to start taking Townsville seriously," Mr Harper said.

"This resilient region has stared down its fair share of challenges in the past year and we're getting back on track, but to help us on that journey what we urgently need is a Federal Government that's genuine about partnering with and willing to put real money into a real vision for growth."

[Stillwater]

Well, ain't that turn-up for the books!  A state Labor government, with $150m in its pocket won't start building the new Townsville Stadium because it wants Malcolm Turnbull to commit the further $100m needed to construct to completion.  The signal state Labor is sending is that Bill Shorten and federal Labor won't gain government on July 2nd.   

[#Metro]

This is the most crass project I have seen yet. Blatantly bad.

Malcolm should just send the proposal to IA for full assessment.

It would come back with large red crosses all over it would be my guess.

[ozbob]

Couriermail --> Editorial: Budget signs encouraging but long-term strategy will be key

... What will really make or break this Budget – and possibly determine the career path of Treasurer Curtis Pitt – is the approach taken to longer term fiscal repair and investment in public infrastructure.

With both sides of politics now ruling out privatisation, there is little point lamenting what might have been achieved via an aggressive restructuring of the state balance sheet. Instead, the focus will have to be on outlays. That means first and foremost keeping a tight lid on recurrent spending growth.

Given the latest in a long series of revenue writedowns announced in recent days it must be blindingly apparent that the state cannot, at least in the absence of tax hikes, sustain the 4 per cent-plus expenditure growth trajectory envisaged in the 2015-16 Budget, especially in an environment of weak population growth.

It also means taking an innovative approach to funding vital projects such as the Cross River Rail link without resorting to sleight-of-hand accounting that may leave the state exposed in the years to come.

Over to you, Mr Pitt.

[ozbob]

Couriermail --> Business fears rail project will stall

INDUSTRY leaders fear the state's most critical public transport project could miss out in the Budget.

The infrastructure and engineering sectors are counting on funding for the $5 billion-plus Cross River Rail tunnel and underground stations initiative in Brisbane.

But Infrastructure Association of Queensland chief executive Steve Abson said there was nervousness that support for the rail project might be limited when Treasurer Curtis Pitt delivers the Budget tomorrow.

And it wants investigation of new models of public-private funding such as the City Deals approach based on a UK concept of funding critical infrastructure through future increased tax and rates revenues flowing from the development

"We remain concerned that Queensland's highest priority project remains unfunded,'' he said. "Whilst we expect the Budget to fund the establishment of a new delivery authority and keep the project ticking along, industry can't gear up with any certainty until the main funding deal is struck.''

The Budget was an opportunity for the state to take the initiative and bring both sides of federal politics to the table with pre-election commitments, he said ...

[ozbob]

Brisbanetimes --> Treasurer coy on Cross River Rail funding

Cross River Rail remains the state's – and the Palaszczuk government's – number one infrastructure project, but Queensland is being told to "wait and see" if there is any money in the budget to get it rolling.

Deputy Premier Jackie Trad announced plans for a delivery authority for the crucial project in April.  That takes the onus for delivering the project out of the government's hands and into a statutory body's, which aims to take "the politics out" of seeing the project become a reality ...