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Queensland Budget 2016-17 Queensland Budget
Queensland Budget 2017-18 Budget Strategy and O
utlook Budget Paper No.2
Budget Paper No.2
BUDGET STRATEGY AND OUTLOOK
Queensland Budget 2017-18
Budget Strategy and Outlook Budget Paper No.2
budget.qld.gov.au
2017-18 Queensland Budget Papers1. Budget Speech
2. Budget Strategy and Outlook
3. Capital Statement
4. Budget Measures
5. Service Delivery Statements
Appropriation Bills
Budget Highlights
The Budget Papers are available online at budget.qld.gov.au
Crown copyright All rights reservedQueensland Government 2017
Excerpts from this publication may be reproduced, with appropriate acknowledgement, as permitted under the Copyright Act.
Budget Strategy and OutlookBudget Paper No.2ISSN 1445-4890 (Print)ISSN 1445-4904 (Online) Queensland Budget 2017-18 Budget Strategy and Outlook Budget Paper No.2
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Budget Strategy and Outlook 2017-18
State Budget 2017-18
Budget Strategy and Outlook
Budget Paper No. 2
Budget Strategy and Outlook 2017-18
Contents
Overview .......................................................................... 1 Economic outlook ............................................................................................................................ 4 Fiscal outlook .................................................................................................................................. 6
1 Economic plan - creating opportunities for all Queenslanders ........................................................ 8
1.1 The Governments economic plan ..................................................................................... 9 1.2 Improving employment opportunities and outcomes in a transitioning economy............. 10 1.3 Driving private sector growth and jobs ............................................................................. 12 1.4 Supporting growth and jobs through the economic plan .................................................. 17
2 Economic performance and outlook .................. 28 2.1 External environment ....................................................................................................... 30 2.2 Queensland economy ...................................................................................................... 34
3 Fiscal strategy and outlook ................................. 52 3.1 Context ............................................................................................................................. 54 3.2 Key fiscal aggregates ....................................................................................................... 55 3.3 Fiscal principles ............................................................................................................... 67 3.4 Achievement of fiscal principles ....................................................................................... 72
4 Revenue ................................................................. 74 4.1 2016-17 estimated actual ................................................................................................. 75 4.2 2017-18 revenue by category .......................................................................................... 75 4.3 2017-18 Budget initiatives ................................................................................................ 78 4.4 Queenslands revenue trends .......................................................................................... 79
Budget Strategy and Outlook 2017-18
4.5 Taxation revenue ............................................................................................................. 82 4.6 Grants revenue ................................................................................................................ 88 4.7 Royalty revenue ............................................................................................................... 90 4.8 Sales of goods and services ............................................................................................ 95 4.9 Interest income ................................................................................................................ 97 4.10 Dividend and income tax equivalent income .................................................................... 97 4.11 Other revenue .................................................................................................................. 98
5 Expenses ............................................................... 99 5.1 2016-17 estimated actual ............................................................................................... 100 5.2 2017-18 Budget and out-years ...................................................................................... 100 5.3 Expenses by operating statement category ................................................................... 101 5.4 Operating expenses by purpose .................................................................................... 112 5.5 Departmental expenses ................................................................................................. 112
6 Balance sheet and cash flows ........................... 116 6.1 Context ........................................................................................................................... 117 6.2 Balance sheet ................................................................................................................ 117 6.3 Cash flows ..................................................................................................................... 125 6.4 Reconciliation of operating cash flows to the operating statement ................................ 126
7 Intergovernmental financial relations ............... 127 7.1 Federal financial arrangements ..................................................................................... 128 7.2 Australian Government funding to the states ................................................................. 131 7.3 Australian Government funding to Queensland ............................................................. 132 7.4 GST revenue payment ................................................................................................... 133 7.5 Payments to Queensland for specific purposes ............................................................. 134
Budget Strategy and Outlook 2017-18
8 Public Non-financial Corporations Sector ....... 141 8.1 Context ........................................................................................................................... 142 8.2 Finances and performance ............................................................................................ 151
9 Uniform Presentation Framework ..................... 160 9.1 Context ........................................................................................................................... 160 9.2 Uniform Presentation Framework financial information ................................................. 160 9.3 Reconciliation of net operating balance to accounting operating result ......................... 170 9.4 General Government Sector time series ........................................................................ 170 9.5 Other General Government uniform presentation framework data ................................ 172 9.6 Contingent liabilities ....................................................................................................... 178 9.7 Background and interpretation of uniform presentation framework ............................... 178 9.8 Sector classification ....................................................................................................... 180 9.9 Reporting entities ........................................................................................................... 181
Appendix A: Concessions statement ...................... 184 Context.. ............................................................................................................................... 184 Focus. .................................................................................................................................. 184 Explanation of scope ................................................................................................................... 184 A.1 Concessions summary .......................................................................................................... 186 A.2 Concessions by agency ........................................................................................................ 187 A.3 Concessions by entity ........................................................................................................... 211
Appendix B: Tax expenditure statement ................. 214 Context.. ............................................................................................................................... 214 Methodology ................................................................................................................................ 214 The Tax Expenditure Statement .................................................................................................. 215 Discussion of individual taxes ..................................................................................................... 217
Budget Strategy and Outlook 2017-18
Appendix C: Revenue and expense assumptions and sensitivity analysis ............................. 220
Taxation and royalty revenue .........