QLD 2023 Budget - Quick guide for the built environment
Announced by Treasurer Cameron Dick, on Tuesday 13 June 2023, the Queensland budget delivers an $89 billion building program, the biggest in the state’s history, and claims the largest health building program ever in the history of any state or territory. All this alongside a $12 billion surplus. Of the $89 billion, $20 billion will go towards supporting 58,000 jobs in construction. Rather than trawl through reams of budget papers, we’ve collated the below highlights to help you strategise.
Housing
Queensland’s property market has been impacted by supplies and skills shortages, a lack of available and affordable rentals, a shift towards smaller households, working-from-home requirements and the 2022 Queensland floods.
Social and Affordable Housing
The budget includes $1.1 billion to increase social housing through the Housing and Homelessness Action Plan (2021-2025), and doubling the $2 billion Housing Investment Fund. This will support the delivery of 3,265 social housing projects by 30 June 2025, 5,600 by 2027.
Additionally, $150 million from this budget will be directed to housing and homelessness support services. Key initiatives include $51.3 million towards the Aboriginal and Torres Strait Islander Housing and Homelessness Action Plan, $61.9 million for emergency support accommodation, and youth housing and homelessness services will receive $18.1 million.
Build to Rent Incentives
From 1 July 2023, tax concessions for eligible Build to Rent projects will be provided to developments where 10% of new dwellings are affordable with discounted rents. In Brisbane, three project partnerships have been announced to deliver more than 1,200 homes, with up to 490 of those listed as discount-to-market rentals, providing for eligible low-to-moderate income earners.
Unlocking Land
The budget includes incentives to prompt the unlocking of 50,000 additional rental lots for housing. Incentives include the $171.2 million Catalyst Infrastructure Fund and the $50 million Growth Acceleration Fund. This is anticipated to propel infrastructure in growth areas such as the Ripley Valley and Greater Flagstone.
The budget indicates a strong pipeline of work in the residential sector.
Sources: Budget paper 2 Budget Strategy and Outlook, The Urban Developer: Palaszczuk Govt Pins Future on $89 bn Big Build
Health
The budget includes $25 billion in health funding including $9.7 billion over six years towards infrastructure within the Capacity Expansion Program seeking to deliver 2,200 additional overnight beds. Almost $2.9 million is allocated to addressing pressures such as ambulance responsiveness and reducing pressures on emergency departments. This budget also contributes to new or expanding hospitals as outlined in the Health and Hospitals Plan which includes major expansions at Caboolture and Logan Hospitals and across Cairns, Townsville, Brisbane, Ipswich, Logan and Mackay.
Additional bed capacity will be delivered through the Accelerated Infrastructure Delivery Program, with $269 million of the budget. Sites include QEII, Princess Alexandra, Redland and Gold Coast University hospitals. Additionally, $150 million of the budget over four years will fund a new mental health facility at Redland Hospital.
This year seven Satellite Hospitals will open across Caboolture, Kallagur, Ripley, Eight Mile Plains, Tugun, Bribie Island and Redlands, providing non-urgent healthcare services.
Sources: Budget paper 2 Budget Strategy and Outlook, Budget Overview, ABC: Power bill rebates, free kindy for Queensland children among cost-of-living relief announced in state budget
Sports & Mixed Use
Provision for the delivery of high-performance venues and infrastructure for the Brisbane 2032 Olympic and Paralympic Games is a focus of the budget.
Brisbane 2032 Venues Infrastructure
Funded by the Federal and Queensland governments, the venues infrastructure program will receive $7.1 billion over a decade including $2.5 billion for the Brisbane Arena, $2.7 billion for the Brisbane Cricket Ground Redevelopment, and $1.9 billion for 16 new or upgraded venues under the Minor Venues Program.
Brisbane 2032 Public Infrastructure
$154.7 million will be directed to upgrades of public infrastructure that will develop services and land for the Brisbane Athlete Village. The Queensland government will also contribute $44 million towards the University of Queensland’s Paralympic Centre of Excellence.
Sources: Budget At a Glance, Budget Overview
Education & Training Facilities
Total education and training funding in the budget reaches $21 billion. $968 million will go towards securing land for new school sites over the next decade. $358 million will provide for new general and specialist learning spaces for state schools and $259 million, over 3 years, will go towards the School Halls program.
Over four years, $645 million will provide 15 hours per week of free kindergarten for all 4-year-old Queensland children. Savings will not only reduce cost-of-living pressures but also support the labour market. This may enable more families to have young learners participate and spur demand for additional kindergartens.
Combatting skills shortages, the government will be directing more than $1.2 billion of the budget to skills and training initiatives including Eagle Farm Robotics and Advanced Manufacturing Centre, Bohle Renewable Energy Centre at TAFE Queensland Trade Training Centre, Great Barrier Reef International Marine College expansion for maritime training.
Sources: Budget paper 2 Budget Strategy and Outlook, Budget Overview, Nine News: Queensland Budget 23-24: a $12b surplus, electricity rebates and the big build, Infrastructure Magazine: 2023-2024 QLD budget includes major infrastructure investments
Transport Infrastructure
$6.9 million will be invested in the Bruce Highway upgrade, the Gold Coast Light Rail and the Queensland Train Manufacturing Program.
Sources: Budget paper 2 Budget Strategy and Outlook, The Urban Developer: Palaszczuk Govt Pins Future on $89 bn Big Build
Energy
The budget includes $19 billion towards the Queensland Energy and Jobs Plan which addresses the state’s shift to sustainable energy options, with an aim of 50% renewables by 2030, including investment in wind, solar, storage and transmission infrastructure.
Sources: Budget Overview, Fin Review: Queensland’s Coal Bonanza to fund green power shift
Justice
$89.7 million of the budget will be directed to addressing capacity issues in the youth justice system including preparations for two new youth detention centres.
Sources: Budget Overview
