That is a reduction of about $2 billion from the $3.5 billion budget deficit predicted in theJune budget.
Mr Dick will also reveal economic output is expected to grow by 3.25 per cent in 2021-22,faster than the 2.75 per cent growth forecast in the budget.
Queensland’s labour market is expected to remain strong in coming years,with employment forecast to grow by 4.5 per cent this financial year,up from the 3 per cent forecast in the budget.
That would be the strongestjobs growth in Queensland in 15 years.
On Sunday,Mr Dick revealed Treasury had forecast an extra 120,000 jobs over the next 18 months,and he argued that Queensland’s health response had enabled one of Australia’s strongest economic recoveries.
Household consumption,which includes spending on food,clothing,transport,housing and leisure,grew by 5.1 per cent in 2020-21,the highest growth in 13 years and just slightly below what was expected six months ago.
Queensland Treasury’s rosy forecast came as the state opened up its borders this week,in a move that’s expected to lead to anearlier-than-expected surge in COVID-19 cases as a result of the Omicron variant.