Queensland Treasurer Cameron Dick.Credit:AFR
It is set to ease to less than $1 billion the following year.
“While our government would like to see a surplus in the next two financial years,that will not come at the cost of Queensland families running deficits on their household budgets,” Dick said in a statement on Tuesday.
The budget blowout comes amid major state government spending on cost-of-living measures,housing and health.
The treasurer says the measures are necessary so dipping into the bottom line is a worthwhile investment.
“If we have to borrow to deliver our cost-of-living measures then that is what we will do,but we will do so in a way that keeps inflation as low as possible,” Dick said.
The government managed to deliver a $4.3 billion surplus in 2021-22 and a record $13.9 billion surplus in 2022-23.