Queensland's Liberal National government on Wednesday launched a post-budget blitz as it stared down a "highly likely" credit rating downgrade and surging debt before the Brisbane 2032 Olympics.
Treasurer David Janetzki handed down his second budget on Tuesday, pushing a $9.3 billion cost-of-living relief package as the biggest in the state's history.
It includes $50 extra for primary students' back-to-school vouchers, free kindy health checks, an energy rebate increase for vulnerable households, a bulk water price freeze in the state's southeast and legislates 50-cent public transport fares.
"It's not sugar hits. It's locked in for the long term and it's our way of playing a small part in easing pressure in what are national cost-of-living pressures," Premier David Crisafulli said on Tuesday.
However, Queensland Council of Social Service said the budget would not make a difference to families.
"This state budget was an opportunity for the state government to look into the eyes of families with kids and tell them, 'We understand you'," chief executive Aimee McVeigh said.
"What we have seen so far out of state budget is that it has failed to do that - there isn't a cost of living and housing package that will make a difference to families right now."
The premier launched his post-budget campaign early on Wednesday, focusing on small and family businesses and insisting every budget decision was framed around "driving down costs".
The budget forecast a $619 million surplus for 2029/30 despite the government ramping up 2032 construction.
A record $119.2 billion capital works program also featured in the budget, covering massive builds for hospitals, roads and housing along with 2032 venues.
"In a nutshell, debt is down, we're heading to a surplus, we're lowering pressure on kitchen‑table bills, we are delivering services ... and for the first time in a long time, Queensland is building things again," the premier said.
However, a peak body described the budget as a "missed opportunity" to lay the foundation for long-term business confidence.
"This is not a budget that backs business to thrive," Business Chamber Queensland CEO Heidi Cooper said.
Total state debt is expected to reach $142.4 billion in 2025/26 and climb to $216.5 billion by 2029/30 as the Games build ramps up.
Mr Janetzki warned a dreaded credit downgrade was "highly likely or even an inevitability", blaming the previous Labor government.
Queensland's AA+ credit rating was downgraded for the first time in 15 years when it went from stable to negative in February 2025.
It was warned there was potential for further drops if the budget was not balanced within two years, a move that would ensure higher borrowing costs in the race to complete projects for 2032.
Also on Wednesday, the treasurer claimed Origin Energy was not passing on electricity savings after threatening to "name and shame" retailers.
The Queensland Competition Authority had earlier confirmed electricity costs were due to drop by 6.9 per cent for regional households and 8.1 per cent for small businesses from the start of July.
Mr Janetzki said Origin Energy "appears not to be doing the right thing", citing letters to customers that flagged significant increases.
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