QUEENSLAND'S delayed 2020-21 state budget has delivered on key election commitments designed to stimulate economic recovery, with a strong focus on health and jobs.
But the planned borrowings required to cost the projects will see the state plunged into $68 billion in debt by 2023-24.
Treasurer Cameron Dick delivered his first budget for the re-elected Palaszczuk government today, saying economic recovery was only possible due to the state's strong health response to COVID-19.
"This is a budget that delivers all of our election commitments, and delivers on our plan to unite and recover for Queensland jobs," Mr Dick said.
"It is a budget focused on economic recovery and sustainable fiscal repair."
Mr Dick said capital works and infrastructure would be central to driving the economy forward, with the largest spend in over a decade.
In total $56 billion will be invested over the next four years, with $14.8 billion allocated for 2020-21, with $6.3 billion to be spent on road and transport infrastructure this financial year.
Of the total infrastructure spend, 58 per cent is ear-marked for projects outside of Greater Brisbane, which Mr Dick said highlighted the vital role the regions would play in the state's economic recovery.
"Regional Queensland has once again demonstrated its resilience and ingenuity during the COVID-19 pandemic," Mr Dick said.
"It is the strength of sectors such as agriculture and the mining of coal and other minerals that has protected our economy from some of the worst effects of the COVID-19 downturn.
"Our government knows how important the ongoing growth of Queensland's regions is to our continued economic prosperity."
Irrigation cost cutting measures for farmers announced during the state election campaign are included in the budget, with $81.6 million being invested to slash water bills over the next three years.
This will deliver a 15 per cent cut in irrigation water charges for the 6400 farmers who buy water from Queensland's 35 state-owned irrigation schemes for broad-scale crops like sugar cane, while water charges for fruit and vegetable growers will be cut by 50 per cent, coming into effect from July 1, 2021.
Other agricultural election commitments costed in the budget include $4 million for cluster fencing, $1.4 million in biosecurity grants for local councils, industry and natural resource groups to prepare for potential threats and $1 million over four years for recreational fishing organisation grants.
A record $21.8 billion has been allocated to health, including $360.5 million this financial year, to assist with the delivery of the government's COVID-19 response plan, including border closures and hotel quarantine.
The Great Barrier Reef will get $40 million, including $10 million for a reef credits program.
Train manufacturing will return to Queensland for the first time in a decade with $1 billion allocated to support a workforce in Maryborough.
Skills and training was also a focus, with $17.5 billion to be spent in 2020-21.
Queensland's racing industry will receive $42 million, with the spend including $17.6 million for country racing clubs during 2020-21.
With international borders likely to remain closed well into 2021, $74 million will be spent on tourism initiatives, including a $15 million Regional Tourism Organisation Fund to provide a special one-off funding injection to regional tourism organisations.
There will be no additional taxes imposed on Queenslanders and instead projects will be funded through increased borrowings.
