COVID-19 Fiscal and Economic Review
The COVID-19 Fiscal and Economic Review provides an update on Queensland’s economic and fiscal estimates over 2019-20 and 2020-21 that incorporate the impacts of the COVID-19 pandemic to date.
It shows Queensland’s economy is fighting back against COVID-19, and is forecast to rebound almost twice as strong as the Australian average.
The report also outlines the Queensland Government’s economic strategy that builds on the Unite and Recover: Queensland Economic Recovery Plan, highlighting the more than $7 billion committed to support jobs and the economic capacity of Queensland.
As part of the COVID-19 Fiscal and Economic Review announcement, the Queensland Government also launched a range of new economic stimulus measures and savings and debt initiatives to:
- support business investment and jobs;
- ease the burden on small business; and
- ensure Queensland’s balance sheet works as hard as it possibly can.
The initiatives include:
- Investing $1 billion into commercial businesses and projects through a $500 million Energy Investment Fund and the $500 million Backing Queensland Business Investment Fund.
- Providing $249 million of additional tax relief for small and medium business affected by COVID-19, including extending a payroll tax waiver to businesses paying up to $6.5 million a year in wages for July and August 2020, payroll tax exemption for JobKeeper payments, allowing businesses to pay off deferred payroll tax liabilities over the course of 2021, and extending existing rent relief to the end of 2020 for COVID-affected businesses renting State Government premises. Regional councils will also be provided the opportunity to refinance existing debt.
- Productivity and economic reforms including transferring functions of the Public Safety Business Agency back to the Queensland Police Service and the Queensland Fire and Emergency Services; integrating the Queensland Productivity Commission and Building Queensland into Queensland Treasury; and a debt recovery and compliance program to increase proactive debt management and increase audits and investigations for taxation and royalties.