The first Federal Budget delivered under Prime Minister Anthony Albanese’s Labor Government has delivered a stark financial forecast for all Australians but little in the way of business-boosting measures.

RSM Australia Director, Indirect Tax, Sam Mohammad said Treasurer Jim Chalmers’ focus on national and global economic uncertainty in the Federal Budget highlighted potential adversity ahead for all states including Queensland.

“While Queensland’s economy has recently surged on the back of population growth and the strength of our major industries like mining and property, it’s clear the State will not be immune to the many economic challenges highlighted by the budget,” Mr Mohammad said.

“As each individual and business grapples with the effects of rising inflation and interest growth, Queensland’s recent post-Covid population growth has placed disproportionate stress on the state’s housing market.

“The new $350 million Housing Accord commitment of 10,000 more affordable homes nationwide – and bid to incentivise the construction of one million such homes – will no doubt be welcomed by local homebuyers but also indirectly, Queensland’s property and construction sector.

“While the Federal Budget did not detail any state-by-state breakdown for this new commitment, the high level of need in Queensland should hopefully ensure the State is a priority for support.

“The $2.1 billion allocated for Queensland infrastructure projects is likely to be further welcomed by residents and businesses alike, stimulating further job grFederal budget announces new $350 million Housing Accordowth and addressing population-driven woes.”

Toowoomba-based RSM Director and agribusiness specialist William Laird said many Queensland sectors – like agriculture – were still grappling with a shortage of workers.

“While the Federal Budget confirmed a boost to the permanent Migration Program to 195,000 places, as well as a $67.5 million boost to expand the Pacific Australia Labour Mobility scheme, many regional and agriculture-based businesses will be eagerly awaiting further detail as they make staffing plans for the next several years,” Mr Laird said. 

“While the agriculture sector was also hopeful of an extension to the instant asset write-off implemented by the former Federal Government, the budget failed to address this measure and so it is likely to finish up in 2023 as planned.

“From an agriculture perspective, Queensland will also benefit from the investment of $134.1 million into biosecurity measures to combat diseases such as foot and mouth disease.”

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