After a year like no other, the Queensland 2020-21 Budget has been handed down.
Treasurer Cameron Dick revealed the state's finances had been significantly impacted by COVID-19, with debt set to increase to $102 billion and the budget deficit to swell to $8.63 billion.
The document also predicts four more years of deficits before a surplus is reached, and total debt to hit almost $130 billion by 2023-24.
Mr Dick defended the figures, saying the government will borrow less than Victoria ($192 billion) and New South Wales ($191 billion) and had to deal with revenues that were $12.3 billion lower than forecast.
The Treasurer said his first budget delivers on all of Labor's election commitments and the government's plan to create and recover jobs.
"It is a budget focused on economic recovery and sustainable fiscal repair," he said.
"It is unashamedly pro-business and pro-growth.
"Most importantly, the budget focuses on delivering jobs for Queenslanders."
Despite growing costs, Queenslanders are set to benefit from record investment in health and major infrastructure projects.
Mr Dick announced a record $21.8 billion in health funding this financial year, with $360.5 million to assist in the delivery of the government's COVID-19 response plan and $265 million to commence the delivery of seven Satellite Hospitals across the south-east.
Labor has also committed a record $56 billion over the next four years towards its capital works and infrastructure program.
In 2020-21, $6.3 billion will be spent on transport infrastructure, including $1.5 billion to continue construction on Brisbane's Cross River Rail and ongoing investments to fund existing upgrades of the M1 and Bruce Highway.
The government has set aside new money to support manufacturing, headlined by the first $600 million of a $1 billion investment to build 20 trains in Maryborough.
The $50 asset ownership dividend payment will continue, providing Queenslanders with relief from their power bills.
$1 billion will be invested over four years through the Great Future Commitment, including $394 million for new classrooms.
The Free TAFE and Free Apprenticeships program for Queenslanders under 21 will be extended to all Queenslanders under 25 at a cost of $21 million.
At the conclusion of his budget speech, the Treasurer admitted the next four years would be a "hard road for Queenslanders", but would also offer opportunities and renewal.
"By working together we will set our state on a path to prosperity and success that will last for decades to come," Mr Dick said.
"And this budget is the first step on that journey."
Premier Annastacia Palaszczuk said the budget will help fulfill her government's election promise to create more jobs for the people of Queensland.
"It's measured, it's responsible and of course its been endorsed by the people of Queensland," she said.
"It's all about jobs, jobs and more jobs."
The budget predicts that Queensland's unemployment rate peaked at 7.9 per cent in September - lower than the 9 per cent forecast for the December quarter.
It's predicted to reduce to 7.5 per cent in 2020-21 and to 6.5 per cent by 2022-23.
But the government won't meet one of its fiscal principals, as the public service grows faster than the state's population.
There are now 238,604 public servants in Queensland and the state's wage bill was expected to come to $26.47 billion.
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