LNG gives QLD its biggest surplus in a decade

Queensland Treasure Curtis Pitt.

Queensland Treasure Curtis Pitt.

$A468 million worth of LNG exports have left Curtis Island so far in 2015, according to Queensland Treasure Curtis Pitt.

Launching the 2015–16 state budget, Mr Pitt said economic growth in Queensland is expected to jump by 4.5 per cent this year as LNG exports from Curtis Island begin benefiting the state.

“The success of this new industry underscores the duty of responsible governments to always be seeking out ways to diversify the economy, rather than rely on past successes,” Mr Pitt said.

Mr Pitt also noted that the state will see significant pick up in LNG royalties, even though revenue write-downs are about $3 billion across the forward estimates.

“We are experiencing a downturn in commodity prices but also through the price of oil which is affecting LNG.”

Meanwhile, $A10.1 billion has been earmarked for infrastructure in the budget, with the majority to go towards schools and hospitals, on the back of an $A962 million operating surplus in 2014–15.

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