COVID-19 ‘financial review’ instead of State budget

Queensland Treasurer Cameron Dick pictured with the Premier.

Newly-appointed Queensland Treasurer Cameron Dick has announced the Palaszczuk Government will publish a ‘COVID-19 Fiscal and Economic Review (C19-FER)’ in September this year, in lieu of the 2020-2021 state budget.

“Consistent with the Federal Government, and all other States and Territories, Queensland suspended the budget for 2020-21 because, as the Prime Minister and Governor of the Reserve Bank have said, it is simply not sensible to produce economic forecasts at this time,” the Treasurer said today, Tuesday 19 May.

“Now we have a roadmap to reopen the economy, we can restart the process of assessing the economy and the state’s finances, as we plot the path to recovery and resurgence.

“The COVID-19 Fiscal and Economic Review (C19-FER) will be produced by the Queensland Treasury to the same standards used for the annual Mid-Year Fiscal and Economic Review (MYFER).

“The MYFER process is one that is recognised and trusted by financial market and ratings agencies to report key fiscal and economic variables, and C19-FER will be no different.

“This approach ensures maximum financial transparency around the Government’s program for jobs, investment and infrastructure.”

Mr Dick said he expects the C19-FER will show a “significant impact due to COVID-19”.

“In MYFER in December 2019, our budget was in surplus,” Mr Dick said.

“Since that time, we’ve had to invest heavily to save jobs, and we also expect revenues were hit.

“The C19-FER process will allow us to assess and report these impacts for the full 2019-20 financial year.”

“I will also make myself available to appear before Parliament’s Economic and Governance Committee in relation to C19-FER.

“This will ensure Queenslanders will go to the election fully informed of the Government’s plan to get Queensland back to work and to reinvigorate our state’s economy.”

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