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BUDGET STRATEGY AND OUTLOOK - Queensland Budget · PDF fileQueensland Budget 2016-17 Queensland Budget Queensland Budget 201 -18 Budget Strategy and Outlook Budget Paper No.2 Budget

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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

    DELETE MAGENTA MARKS ON IFC

  • 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 .........

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