Queensland Budget 2020-21
Posted on December 1st, 2020
The 2020-21 Queensland Budget claims to support economic recovery and deliver on key election commitments. This includes a $140 million Big Plans for Small Business strategy to lift competitiveness and resilience.
A further $74 million will be invested in the 2020-21 Budget to help fast-track the restoration of jobs and the economic recovery of Queensland’s tourism industry.
- $15 million Aviation Recovery Fund – currently supporting 173,181 inbound seats, an estimated $66.1 million in overnight visitor spending and more than 500 jobs
- $20 million Events Boost will support the It’s Live In Queensland major events calendar and investment in business events.
- Tourism and Events Queensland will receive $15 million for a marketing blitz to encourage more Australians to experience a Queensland holiday.
- 1.5 million will secure Run for the Reef in Cairns to attract elite athletes and raise global awareness of the Great Barrier Reef.
- $4 million into boosting tourism business capability training with a focus on resilience.
- Tourism infrastructure across regions
This budget aids economic recovery from the global COVID-19 pandemic by supporting jobs and supporting Queensland communities with investment in infrastructure as well as Queensland manufacturing and supporting regional centres.
Among the key highlights from the 2020-21 State Budget are:
- 46,000 jobs supported by the government’s $14.8 billion infrastructure investment in 2020-21, including 28,700 – or 58 per cent – of those jobs being outside of the Greater Brisbane region
- A $56 billion investment over four years in capital works and infrastructure – the largest in over a decade – including large-scale projects such as:
- upgrades to the State’s ‘spine’, the Bruce Highway
- a range of works on the M1 Pacific, Ipswich and Centenary Motorways
- continued construction of Cross River Rail, Gold Coast Light Rail Stage 3A and on the North Coast rail line
- enhancements to our network of government-owned energy, water and port assets
- renewable energy projects
- new or upgraded hospitals, schools and TAFE campuses
- additional social housing and
- improving justice and public safety facilities.
Small business is also vital to the recovery and the Queensland government has provided $2.3 billion in tax relief, grants, electricity rebates and loans that have supported businesses to keep Queenslanders in work.
The Big Plans for Small Business strategy will support private investment with:
- An initial $100 million Business Investment Fund from the $500 million Backing Queensland Business Investment Fund to invest in small to medium sized businesses that have significant growth potential and will create Queensland based jobs.
This fund can support businesses to grow and expand into new markets – including export markets – and will be managed by Queensland Investment Corporation.
$30 million of investment to increase skills and capability including:
- Small business grants focusing on priority industry sectors
- Grants to assist regional exporters to develop new markets
- The development of a Business Ready Website
- Continuing Small Business Month and the Mentoring for Growth programs
- A study to link government procurement of new fibre networks with increased access for small businesses to high speed broadband in the regions
- A Summertime Taskforce to support businesses to be more COVID-safe and move outdoors
$10 million of investment to make the Small Business Commissioner permanent, and to reinvigorate the Small Business Advisory Council.
Budget drives more jobs in Keppel
Locally, the Queensland Government Budget has committed to key issues including the Great Keppel Island Rejuvenation Pilot ($2.5 M in 2020-21 out of $30 M total), Rosslyn Bay Harbour floating pontoons extension ($2 M), Rookwood Weir ($114 M in 2020-21), education, roads and health. For the full media release from Member for Keppel Brittany Lauga MP, click here – https://capricornenterprise.com.au/wp-content/uploads/Keppel-Budget-highlights.pdf
View the Central Queensland Regional Action Plan – https://budget.qld.gov.au/
Included in the Budget for Central Queensland are CQUniversity projects commencing in 2021-22:
- $400,000 for a business case for a proposed CQU Rockhampton campus consolidation
- $8.0 million for Stage One of the Central Queensland TAFE Centre of Excellence at CQU
- $7.5 million for the Mackay Ooralea Trade Training Centre Expansion for CQU.
Read the media releases:
Budget 2020-21 drives economic recovery through 1000 election commitments – https://statements.qld.gov.au/statements/91072
Big Plans for Small Business – https://statements.qld.gov.au/statements/91069
Budget drives more jobs in Keppel – https://capricornenterprise.com.au/wp-content/uploads/Keppel-Budget-highlights.pdf
Gene Tunny, Queensland Economy Watch: Qld Budget reveals bigger deficits and a lot more debt than expected – http://queenslandeconomywatch.com/2020/12/01/qld-budget-reveals-bigger-deficits-and-a-lot-more-debt-than-expected/
Budget fast-tracks tourism recovery – https://statements.qld.gov.au/statements/91086
Budget builds skills for Queensland’s future – https://statements.qld.gov.au/statements/91087