The Queensland Government has released its budget for 2021-22. The focus of the budget is to continue to support the state’s economic recovery from Covid-19 and includes key initiatives targeted to:
- build Queensland’s productive capacity by delivering productive infrastructure, skills, and innovation
- promote economic and environmental sustainability
- improve business competitiveness, and
- ensure a responsive public sector.
the highlights include:
investing in business
Introduction of the Business Investment Fund to assist small and medium businesses that have significant growth potential to innovate and restructure additional funding for training workers and helping them gain formal qualifications.
Continuing funding to increase small business skills and capability through grants and other support for small business.
Establishment of the ‘Queensland Jobs Fund’ that brings together new and existing programs that support initiatives to strengthen supply chains, foster innovation, diversify regional economies, create jobs and boost income levels.
The Fund will also include programs that support investment in manufacturing, catalytic infrastructure, resource recovery and investment attraction.
keeping us healthy
A focus on continuing the response to Covid-19 and the vaccination roll-out. New frontline staff and resources to address the increased demand for medical services.
educating for growth
Significant expenditure for new schools and the upgrading of existing school infrastructure.
tourism + events
Continuing support for the state’s tourism and events sector.
A capital program of $14.7 billion for 2021-22 with over 60% to be spent outside of greater Brisbane.
A range of programs designed to support communities around the state, including:
- drought assistance and reform
- support for sustainable fishing
- support for multicultural events and wildlife care, and
- rehabilitation programs.
‘Chartered Accountants of Australia and New Zealand’ have prepared a handy summary of the announcements:
As always the devil is in the detail. If you would like to find out more about what the budget really means for you and your business give us a call on 1300BDEPOT or email us at email@example.com to speak to a business advisor.