State Budget Tackles Cost Of Living

The Queensland Government 2024/2025 State Budget was released on Tuesday afternoon and it features several allocations that target the cost-of-living crisis with measures that will directly affect the back pocket.

From discounted car registration to cheaper public transport, this pre-election budget is aimed at creating real change, although several measures are conveniently due to expire just after the State Government election which is due to take place in November this year.

A total of $11.2b in reductions to Queenslanders have been outlined in this week’s budget announcement, which is 31% greater than last year.

Additionally, the Government said, “the Budget also sets out a $107.262 billion 4-year capital program to provide health and education services for Queenslanders where they live, transport to get home faster, and to transform our energy system on the path to net zero.”

Budget Breakdown

   • 20 per cent reduction in the registration fee and traffic improvement fee components of motor vehicle registration for all light vehicles for 12 months.

   • Lowering public transport fares to a flat fare of 50 cents across the state’s public transport network for 6 months from 5 August 2024.

   • Increasing the value of FairPlay vouchers from $150 to $200 and number of vouchers available from 50,000 to up to 200,000 at an additional cost of $33.5 million.

   • Providing $15 million for the School and Community Food Relief Program. This initiative will assist children to access food relief from appropriate sources, ranging from subsidised lunches, breakfasts or tuckshop items.

   • Substantial additional support to a wider range of Queenslanders purchasing their first home by increasing eligibility thresholds for first home concession, and first homevacant land concession. It will increase the threshold for first home buyer stamp duty concessions by $200,000 to properties valued under $700,000.

The Budget also continues to deliver the following:

   • Record health funding with growth of 10.6 per cent in 2024–25 to support a range of essential health initiatives.

   • $1.28 billion over 5 years for community safety measures across 5 key pillars of supporting victims, delivering for our frontline, detaining offenders, intervening when people offend, and preventing crime before it occurs.

   • Over $1.274 billion continuing investment in school and early education facilities that consider population growth and shifts, changes in educational needs, and addressing high priority needs for student and staff health and safety.

   • $502 million to deliver the Putting Queensland Kids First Plan supporting children from their earliest years of life and directs resources, services and supports to give every Queensland child and family the best possible opportunities for a great life.

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